As FTX sinks, other crypto exchanges are showing their coins

Illustration of a digital coin on fire.
You say you have my money? Prove it. | Illustration by Alex Castro / The Verge

As FTX, formerly the world’s third-largest cryptocurrency exchange by volume, files for bankruptcy and halts withdrawals, other exchanges are working hard to assure customers that they won’t be meeting the same fate. Binance, Crypto.com, and others have started releasing partial looks at their books, while Coinbase executives are on a media tour telling investors that it’s safe to store money with their company.

The moves are meant to assure people that their money isn’t being used on other investments and is instead held one to one. In other words, the exchanges want you to know that if you deposit a Bitcoin with them, they’ll keep a Bitcoin in reserve. That’s in contrast with FTX, which reportedly loaned billions of dollars in customer...

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