Changpeng Zhao Defends Binance Transparency, Reaffirms Reporting Consistency

Binance former CEO Changpeng Zhao rejected claims that the exchange delayed its monthly proof-of-reserves report. Zhao addressed the accusations on X, calling them “FUD” and explaining the exchange's standard reporting schedule.

Zhao responded to a tweet from pseudonymous trader James Wynn, who posted a now-deleted message claiming “BINANCE HAS STILL YET TO POST PROOF OF RESERVES” and stating that Binance “notoriously posted their proof of reserves on the 1st of every month.”

Binance’s previous chief executive clarified that the exchange takes asset snapshots on the first day of each month but publishes the proof-of-reserves report on the fifth or sixth day. 

CZ concluded his response by thanking users for their attention to Binance operations, reinforcing the exchange's commitment to maintaining regular disclosure schedules despite the processing time required for accurate reporting.

Wynn acknowledged his error after Zhao's clarification. He replied, “Good to know,” and thanked Zhao before deleting his original post. James operates on the Hyperliquid platform and previously experienced significant trading losses, including a nearly $100 million liquidation.

Binance’s 31st monthly Proof-of-Reserves snapshot as of June 1, 2025, reported user asset balances of 593,000 BTC (a 1.82% decrease compared to the May 1 snapshot), 5.337 million ETH (a 1.05% increase), and 28.83 billion USDT (a 0.77% decrease). The exchange also maintained an overall reserve ratio of 102.13% across its major token holdings, affirming full 1:1 coverage of customer funds.

Binance began its monthly proof-of-reserves disclosures in December 2022. The exchange maintains that verification processes and internal reviews require several days between taking the snapshot and publishing the report.

The reports allow verification of asset holdings against customer deposits. These monthly disclosures became standard practice after increased regulatory attention and market demands for transparency in crypto trading platforms.