The CEO of Binance, CZ, agreed with Vitalik Buterin that Centralized Exchanges (CEXes) needed to produce public evidence showing user safety. Of course, CZ had initially pushed the Proof-of-Reserves idea in response to the calamity that befell FTX users, with several exchanges adopting the model.

However, Ethereum’s [ETH] co-founder proposed that the model could be improved, with CZ confirming that the exchange team could implement the idea.