The cryptocurrency exchange Binance recently published its monthly report on reserve audits, confirming that client assets are fully backed, exceeding 100% of their value. As of February 7, 2024, Binance controls 609,477 BTC and 4.35 million ETH, while client accounts hold 594,688 BTC and 4.16 million ETH, providing client funds in Bitcoin and Ethereum at 102.49% and 104.58% respectively.

The report also highlights the provision of client funds in the stablecoin USDT at over 120%, and in BNB tokens at 104.3%. Particularly high asset coverage levels are observed in stablecoins such as USDC, exceeding 149%. Additionally, Binance demonstrates significant proprietary backing in the BUSD asset, reaching 587%, despite substantial reduction in client funds in this stablecoin after its delisting in December.

Binance implemented the Proof of Reserves concept after the bankruptcy of FTX, to confirm its ability to meet client withdrawal requests. In February 2023, the exchange updated its Proof of Reserves system, enhancing the efficiency and transparency of audits.