In light of declining trust in cryptocurrency exchanges following the FTX bankruptcy, Binance, the world’s largest crypto exchange, has released its 34th reserve report, dated September 1.
Overview of the Proof-of-Reserve System
Binance has implemented a proof-of-reserve system to restore user trust in the exchange. Reserve reports are published regularly to inform users about the state of assets.
Reserves of Major Cryptocurrencies
According to Binance's report, the collateralization levels for several major cryptocurrencies are as follows: BTC - 103.5%, USDT - 103.14%, ETH - 100.00%, BNB - 112.5%.
Changes in User Assets
Compared to the previous report, users' Bitcoin holdings increased by 2.85% to 608,017, while USDT holdings grew by 4.6% to 31.25 billion. However, BNB reserves decreased by 1.2% to 39.3 million, and Ethereum holdings fell by 4.7% to 4.34 million.
The updated report from Binance confirms that the largest crypto exchange is taking steps to restore user trust while documenting changes in reserves.
