According to a report, Binance's proof of reserves raises red flags.
I've lost track of how many times I've warned that these proof of reserves that all exchanges are coming out with are little more than a marketing gimmick. They prove nothing. It won't be long before the first exchange which "proved" they were fully backed up goes bankrupt, and takes another few million customers' funds with them.FUD on Binance continues to gain momentum. Over the past 24 hours, assets have been withdrawn from the exchange for almost $ 2 billion:
I'm not sure you can call warnings on any centralized exchange FUD right now, given the events of the last few months. But good news anyway that more people are withdrawing to their own wallets. Although perhaps the outrageous withdrawal fees that Binance charges on $2 billion of withdrawals will be enough to plug the apparent hole in their balance sheet. 
USDC withdrawals have also been suspended (for some networks only)[1][2] but CZ reassured us that everything is fine[3].
Claim everything is fine while simultaneously pausing withdrawals. The exact pattern of behavior we saw with Celsius. And Voyager. And BlockFi. And FTX. And the dozens of other smaller platforms which have gone bankrupt in the last few months.But sure, leave your coins on a centralized exchange. Maybe withdraw just enough to buy yourself a clown costume for when you lose everything after months of non-stop red flags and warnings.
