After the collapse of FTX, people's trust in centralized crypto exchange hit an all-time low. You just do not know what those crypto exchanges are doing with your crypto. When you get to know about that, probably it will become too late. And there is a high chance you will lose your crypto.

![WazirX Shows Proof Of Reserves Where Binance Holds Majority Of Funds.jpg](https://images.hive.blog/DQmP2CLT9ZsgMawpdSRyfTC1V9TMkVdny9wCabrsZW4dhAa/WazirX%20Shows%20Proof%20Of%20Reserves%20Where%20Binance%20Holds%20Majority%20Of%20Funds.jpg)

WazirX shows its proof of reserves that helps to regain customers' confidence. It is a good thing to be transparent and show proof of what they are supposed to have. WazirX is the largest cryptocurrency exchange in India in terms of volume and reserve.

It is worth paying attention to that Binance wallet holds 92% of user funds, that is, $259.07 million. The rest of the $26.45 funds hold on other exchanges.  A third-party platform CoinGabba monitors the crypto assets of WazirX. The total value of crypto funds is $285 million.

By the way, people do not forget the arguments between WazirX co-founder Nischal Shetty and Binance CEO Changpeng Zhao (CZ) that happened on Twitter. There was a question about who owns WazirX. The proof of reserve makes it clear because everyone can see that Binance holds the majority of WazirX customer funds.

![Everyone can see that Binance holds the majority of WazirX customer funds..jpg](https://images.hive.blog/DQmSyt8fpTfSz472RsbKpyTnJBTfTqiCiAyL8SEwunMBvK3/Everyone%20can%20see%20that%20Binance%20holds%20the%20majority%20of%20WazirX%20customer%20funds..jpg)

People did not know what happened behind the scene but a hard time with regulatory scrutiny reveals the true color of centralized crypto exchange. I think you can use crypto exchanges for trading, but when you do not trade, it is better to move your crypto to the wallet you have the private key.

You only do trading with your trading capital. So define your trading capital. Then you should use that capital to trade. In case something happens while trading in the crypto exchange, your other crypto funds are safe and secure that you don't use for trading.

The proof of reserves (PoR) does not show the company's complete liability and capital structure. In case any centralized crypto exchange engages in shady activities, you may not be informed about that. People trusted FTX, but FTX took advantage of it to do its thing that triggers the collapse of FTX.

It is up to you how you manage your cryptocurrency. You can blame others, but you cannot deny the responsibility for the safety and security of your crypto assets. Trusting a third party may not end up well. It is better to be careful and manage your risk.

So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.

Image Sources: [1](https://pixabay.com/photos/cryptocurrency-money-bitcoin-matrix-3424626/), and [2](https://twitter.com/simplykashif/status/1613121736098340864).
Reference: [1](https://crypto.news/binance-has-majority-of-wazirx-funds/).

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