Binance CEO Changpeng Zhao said on Tuesday that his exchange would soon introduce “Merkle-tree proof of reserves,” in the interest of “full transparency.” “Banks run on fractional reserves. Crypto exchanges should not,” he tweeted on Tuesday, less than three hours after announcing his company’s intention to purchase FTX. The tweet also came less than 48 hours after CZ announced that his company was selling off its holdings of FTX’s FTT token, citing “recent revelations.” FTX, owned by the young billionaire Sam Bankman-Fried (SBF), experienced overwhelming exchange outflows ...
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