After the paranoia and turmoil in the crypto industry caused by the FTX liquidity and bankruptcy scandal, major digital-asset service providers began publicizing their reserve funds.
The latest to
Despite being India’s largest exchange, WazirX was previously in hot water with local authorities due to money laundering charges. Funds on the exchange were frozen for just over one month during the investigation.
During this time, Binance publicly distanced itself from the exchange via a tweet from CEO Changpeng Zhao, who said Binance has no ownership of the exchange.
Additionally, Binance sided with local authorities during the investigation period by removing off-chain fund transfers with WazirX.
Binance was the first exchange to announce its proof of reserve scheme post-FTX turmoil, which then caused a domino of other exchanges to do the same.
