Why have Some Exchanges not Released Proof of Reserves?

The fall of FTX has led to calls for increased transparency among crypto exchanges. Several centralised exchanges have released proof of reserves to regain public trust. However, it may take more than publishing proof of reserves before customers can fully trust exchanges. Here, we discuss the problems with proof of reserves.
What is Proof of Reserves?
Proof of Reserves is an attestation by the exchange that all customers’ deposits are safe and fully backed by on-chain assets. It proves th