Binance Announces Proof-of-Reserve System Amidst Trust Issues
Binance, the world’s largest cryptocurrency exchange, announced the proof-of-reserve system to restore the declining trust in Bitcoin exchanges after the sudden bankruptcy of FTX. Binance, which publishes reserve reports at regular intervals in this context, has published the 33rd Report (snapshot date August 1) of its reserves.
According to Binance’s official website, the reserve ratio (Binance’s holdings divided by user assets) for major cryptocurrencies is overcollateralized. Apart from Bitcoin (BTC), the report includes USDT, Ethereum (ETH), BNB, Solana (SOL), FDUSD, ENJ, 1INCH, CRV, MASK, HFT, BUSD, AAVE, BOME, Ethena (ENA), FORM, Hedera (HBAR), NEAR, Pepecoin (PEPE), S, SUI, WIF and TRUMP were featured.
Binance’s latest proof of reserves shows that BTC, USDT, ETH, and BNB reserves are overcollateralized by 102.96%; 102.27%; 100.67% and 111.74% respectively. According to the latest report, users’ Bitcoin holdings increased by 2.99% compared to the previous report, reaching 591,000 BTC, while USDT holdings increased by 0.87%, reaching 29.85 billion. Users’ BNB holdings also increased by 0.38% to 39.79 million. Finally, when looking at users’ Ethereum assets, it was seen that they decreased by 9.84% and fell to 4.55 million.
*This is not investment advice.
