Re:Binance Halts Deposits and Withdrawals for Customers in t...
by codetrotter on Tuesday March 14, 2023 @02:39PM
(#35156430)
I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?
Re:Binance Halts Deposits and Withdrawals for Customers in t...
by latchkey on Tuesday March 14, 2023 @03:58PM
(#35157465)
I see, thanks for the correct clarification.
I believe that the OP was incorrect in their statement. It was originally allocated with 10%, not stated to be maintained at 10%.
https://cointelegraph.com/news/binance-tops-up-safu-fund-at-...
"Binance’s SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time."
Re:Binance Halts Deposits and Withdrawals for Customers in t...
by anonymouskimmer on Wednesday March 15, 2023 @12:13PM
(#35170558)
And another question is how do we know those wallets were funded with fees? We need to trust the accuracy of the proof of assets versus liabilities.
I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize this isn't perfect.
https://www.binance.com/en/proof-of-reserves
There is also some interesting compliance stuff going on in Ceffu.
https://www.binance.com/en/blog/ecosystem/ceffu-formerly-bin...
https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc...
https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insura...