Binance releases 18th proof of reserve

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by Giorgi Kostiuk

3 years ago

Made with AI

The latest proof of reserve from Binance, the largest exchange in the crypto industry, revealed increases in reserves for the top five digital assets ranked by market cap, despite recent price declines. The proof showed an excess of at least 104% in reserves for Bitcoin, Ethereum, Tether, BNB, and Solana.

Binance's proof-of-reserve confirms that they hold users' assets in custody. The information aims to provide proof that Binance has enough funds to cover all user assets 1:1, along with additional reserves.

According to the report, Bitcoin holdings on the platform saw a 2.28% increase, rising by 12,970 BTC, totaling over 581,758 Bitcoin worth more than $36 billion.

Among the top five digital assets, USDT holdings showed the largest increase, growing by 8% or over $1.6 billion monthly, reaching around $22.8 billion USDT. Both BNB and Solana also experienced increases in reserves. BNB's reserves were reported as 40 million, while Solana's were 31 million.

However, Ethereum was the only cryptocurrency among the top five to see a decrease in user balances, with reserves dropping by 1.9% or 87,796 Ether. The total customer holdings of Ethereum amounted to 4.3 million ETH coins.

This recent report from Binance comes after the appointment of Richard Teng as the new CEO, following former CEO Changpeng Zhao's legal issues. Teng highlighted a "greater maturity" in the company's operations under his leadership.

For more information, you can refer to the news about "Binance CEO says Nigeria ‘unlawfully detained’ Tigran Gambaryan".

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