Conbase is using their own chain, as a fractional reserve. They never make it available the proof of funds.
They function exactly like a bank: take 10 bucks from depositors and give 100 (fictional) bucks to others, inside their wallets system.
When this lie will blow up it will be really bad... really bad.
Conbase is a bank, created and funded by the banksters (BBVA) and will act always like a bank (aka fuck the users). Their goal is NOT to help people to get into Bitcoin, but to register them, track, monitor, seize, "share" their personal data with "3rd parties" etc. It's a banksters tool to keep almost all BTC users in control.
Here are just few reasons to think about (there are much more):
They function exactly like a bank: take 10 bucks from depositors and give 100 (fictional) bucks to others, inside their wallets system. When this lie will blow up it will be really bad... really bad.