WazirX shows proof of reserves with major funds stored in Binance wallets

WazirX, an Indian crypto exchange, has published its proof of reserves and announced that it holds $285 million in total user assets held in Tether (USDT) at the time of writing, with 90% of these assets held in Binance-based wallets.

The remaining 10% is stored in hot and cold storage wallets. The exchange stated that they chose Binance because of their strict protocols and industry-leading technical measures to safeguard user funds, and that they have a more than 1:1 ratio to protect user funds in case of liquidation.

This move comes in response to recent controversies in the crypto industry, such as FTX liquidity and bankruptcy scandal, and other digital-asset service providers also began to publicize their reserve funds.