Which exchanges updated Proof of Reserves?

TLDR

Several exchanges reported Proof of Reserves updates this week.

1. Binance (BNB) adjusted its PoR display methodology to include platform-held assets for clearer 1:1 backing, per a public update reported in an exchange notice.
2. INDODAX announced routine renewal and publication of its PoR, highlighting regular updates and solvency on its exchange blog.
3. Phemex reaffirmed monthly Merkle Tree PoR checks in its latest weekly brief, noted on the exchange page.

Deep Dive

1. Binance Methodology

Binance said it updated how PoR ratios are displayed by expanding the scope to include platform-held assets, which makes reserve ratios more conservative and aligns with 1:1 backing. This was summarized in an exchange notice.

• The change aims to reduce confusion from previously inflated ratios and improve transparency around net account balances. The notice above outlines the intent and user-verification via Merkle trees.
• Practical effect: ratios may look lower than before, but the backing claim remains unchanged according to the update in the notice above.

2. INDODAX Renewal

INDODAX announced it is implementing and routinely renewing its Proof of Reserves, positioning itself as a local leader in transparency and solvency, as described on its exchange blog.

1. INDODAX states member assets are fully covered by reserves and that it regularly updates its PoR.
2. It emphasizes independent verification and publication cadence on the blog page above.

3. Phemex Monthly PoR

Phemex reiterated monthly Merkle Tree PoR checks and 1:1 asset backing in its latest weekly brief, which also highlights uptime and security practices on the exchange page.

1. Monthly PoR (Merkle-based) with user-side verification is part of their stated controls, per the page above.
2. The brief ties PoR to operational reliability, noting cold/warm storage practices and key-splitting methods.

Conclusion

Binances methodology change is about clearer accounting scope, while INDODAX and Phemex emphasize cadence and verification. The practical takeaway is to confirm each exchanges latest PoR timestamp, scope (which assets are included), and user-verification flow. This reduces ambiguity and improves your ability to assess custodial risk.