Binance, Bitfinex, Kraken, Bitwise, alongside other crypto companies, began offering proof-of-reserves disclosures after the 2022 collapse of FTX in an effort to rebuild user trust through on-chain transparency

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Since then, several crypto exchanges, including Binance, have published regular PoR to regain user trust. In fact, Bitcoin spot ETF providers like Bitwise have also publicly listed wallet addresses tied to their products to support real-time verification.

Many crypto firms broadly adopted proof-of-reserve measures after FTX's collapse to demonstrate onchain holdings for transparency.

After the collapse of FTX in late 2022, many crypto exchanges, custodians, and ETF providers started embracing proof-of-reserves to build trust.