What do you guys think of this? I think it's better for others CEX to show their transparency so that users can find a better cex to trade their assets?
Proof of reserve is good but for traders. Not only that. There are exchanges that have extra money like Safu which they will let people know the amount. I think Binance and Bitget have that. That if their exchange is hacked up to certain amount of money, that they can use the money to pay back their customers or to compensate them. But generally, I do not trust any exchanges. If I am not trading, I do not have my money on any exchanges.
I guess you're talking about user fund protection, Bitget named like that way, while Binance's name is SAFU. But I agree what you said though.
Honestly, after everything that's happened in the crypto space over the last year, seeing exchanges take those steps to protect users' funds is really important. It builds trust and frankly, it's what all exchanges should be doing. It's not like saying you have the funds, it's about showing you're prepared for the worst case scenario and willing to protect your users.
So It's interesting seeing how exchanges are stepping up their transparency with these Proof of Reserves and protection funds. At least users can feel safe.
