Binance Adds Two New Altcoins to Reserves Report

3 hours ago

The cryptocurrency exchange Binance has released an updated reserves report following the bankruptcy of FTX, which led to decreased trust in exchanges.

Background of the Report

Binance continues to publish reserves reports to restore user trust. The latest, 24th report, covers data as of November 1 and includes details on Bitcoin and other cryptocurrency reserves.

Changes in User Assets

The report noted an increase in user Bitcoin assets by 2.09%, reaching 608,587 BTC. Meanwhile, USDT assets decreased by 32.62% to 20.85 billion. BNB assets decreased by 8.78% to 37.93 million, while Ethereum assets rose by 6.20% to 4.69 million.

Cryptocurrency Reserves Remain Secure

Despite the decrease in some assets, BTC, USDT, and ETH reserves remain overcollateralized by 106.82%, 102.99%, and 101.22%, respectively.

Binance's latest proof of reserves emphasizes the company's commitment to transparency, despite fluctuations in some assets.

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