Nic Carter dives into proof-of-reserves, ranks exchange attestations

30 Dec 2022

By EZRA REGUERRA

Crypto trading platforms Kraken and BitMEX topped the proof-of-reserves score list, while Binance received a low score for being incomplete.

Bitcoin advocate Nic Carter has released an in-depth analysis of centralized exchange proof-of-reserves and ranked the attestations provided by some of the most prominent crypto trading platforms in the space. 

Carter published a detailed examination of the quality of several exchanges’ proof-of-reserves (PoR). The crypto executive used parameters such as attestation to assets held and a disclosure of liabilities, incorporating a third-party auditor, demonstrating credibility by taking a PoR for all assets and committing to an ongoing procedure to determine which PoRs are of the best quality.

Crypto trading platforms Kraken and BitMEX topped the list. According to Carter, Kraken, which employed Armanino for its proof-of-reserves, gives clients a "good level of confidence" that there are no hidden liabilities. Carter also praised the trading platform’s commitment to doing PoRs every six months. 

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