Binance Founder CZ Addresses Delay in Proof-of-Reserves Report

Binance founder and former CEO Changpeng “CZ” Zhao has addressed concerns surrounding the delayed release of the platform’s monthly proof-of-reserves report. Zhao dismissed claims that the delay was intentional, labeling them as misinformation aimed at spreading fear, uncertainty, and doubt (FUD) within the crypto community.

Zhao clarified that Binance consistently takes a snapshot of customer balances on the first day of each month. The team then reviews this data, with the report typically being issued on the fifth or sixth day of the month. He emphasized that this schedule has remained consistent and urged critics to review previous reports to understand the exchange's transparency practices.

In a post on X, Zhao responded to a user who questioned the delay, suggesting that something was amiss. Zhao rejected the allegation, describing it as an attempt to panic the crypto community. He stressed the importance of fact-checking before sharing unverified information, highlighting the detrimental effects of misinformation.

Zhao’s clarification was met with support from some members of the Binance community, who praised his proactive approach to addressing the issue. However, others suggested that Zhao should ignore the critics to avoid further baseless accusations. Despite the differing opinions, Zhao’s actions demonstrate his commitment to keeping Binance users informed about important developments.

Zhao’s response is part of his ongoing efforts to maintain transparency and defend Binance’s reputation in the digital asset space. Recently, he commented on Nano Labs’ decision to raise funds to purchase Binance Coin, viewing it as a vote of confidence in BNB. He also criticized remarks that dismissed popular cryptocurrencies like Ripple and Bitcoin, showing his continued engagement in promoting fact-based discussions in the crypto world.

Zhao’s statements come at a time when transparency issues could easily escalate. His explanation has helped reinforce Binance’s commitment to its regular proof-of-reserve practices and countered narratives that could mislead the public. By addressing these concerns directly, Zhao has shown his dedication to maintaining the trust and confidence of Binance users.