Cryptocurrency exchange Binance has conducted a fresh audit of its reserves. According to the report, the platform has excess collateral for most assets, including Bitcoin, Ethereum, and altcoins.

In February 2023, the company updated its Proof of Reserves system to make the audit more efficient and transparent. Similar proof of reserves reports is also regularly published on exchanges such as Bybit, OKX, and others.

According to the provided data, as of January 8, 2023, the majority of reserves are held in three assets: Bitcoin, Ethereum, and the stablecoin USDT. The reserve ratios for them are 103.7%, 106.5%, and 123.2%, respectively.

Client funds in Bitcoin and Ethereum are backed at 103.7% and 106.5%. 

In addition to the mentioned assets, the report also includes tokens like BNB, LTC, XRP, SOL, LINK, 1INCH, APT, ARB, CHR, CHZ, CRV, CVP, DOGE, DOT, ENJ, GRT, HFT, MASK, MATIC, OP, SHIB, SSV, UNI, and WRX. Collateral for these tokens exceeds 100%.

Furthermore, the exchange's balance sheet includes stablecoins like TUSD, FDUSD, USDC, and BUSD. Collateral ratios for these range from 110% to 167%.

As of the end of October 2023, the market capitalization of BUSD stablecoin had decreased by 90% compared to ATN. In December, Binance delisted this asset.

Proof of Reserves is information about the storage of clients' assets on the exchange. Former Binance CEO Changpeng Zhao announced the audit in November 2022. The exchange implemented this concept following the bankruptcy of the FTX company, aiming to demonstrate its readiness to cover any volume of withdrawal requests.