As part of its 10th Proof of Reserve (PoR) report, Binance assured that its users hold cryptocurrency deposits at a 1:1 ratio. According to the report, users hold approximately 588,000 Bitcoin and 3.89 million Ethereum on the exchange. Here are the others and the change in reserves compared to last month…
Bitcoin reserves of Binance wallets are decreasing
According to the leading exchange’s 10th Proof of Reserve report, users store approximately 588,000 BTC and 3.89 million ETH on the platform. According to the previous report, Bitcoin (BTC) reserves in particular decreased by 4.3% to the current amount. However, Tether (USDT) reserves increase by 1%. The figure, which increased to 15.44 billion USDT compared to the previous report, confirms that users are now inclined to switch to stablecoins.
These results once again prove Binance’s reliability in storing and managing crypto reserves. The world’s largest stock exchange has been struggling with Fud news for a long time.
Latest situation in USDC, LTC, XRP and SOL
The report also provides detailed figures on Binance users’ holdings in various other cryptocurrencies. Users hold a total of 30.25 million BNB and 1.52 billion Binance USD (BUSD) on the platform. The remaining altcoin and stablecoin reserves are as follows:
- 1 billion USD Coin (USDC)
- 5.81 million Litecoin (LTC)
- 2.58 billion XRP (XRP)
- 29.98 million Solana (SOL)
- 54.45 million Chainlink (LINK)
- 138.19 million 1Inch (1INCH)
- 15.34 million Aptos (APT)
- 276.62 million Arbitrum (ARB)
- 93.23 million Curve DAO (CRV)
- 3.46 billion Chiliz (CHZ)
- 11.81 billion Dogecoin (DOGE)
What is Proof of Reserve (PoR)? Why is it important to Binance?
Proof of Reserve (PoR) is a method of displaying assets in the wallets of cryptocurrency exchanges, especially for users. PoR provides tangible proof that the assets that users entrust to exchanges are fully and securely stored 1-to-1. As an example, when a user deposits 1 BTC to a cryptocurrency exchange, the exchange’s reserves increase by at least 1 BTC to ensure customer funds are fully covered. This means that the cryptocurrency exchange holds all user assets at a 1:1 ratio (and additional reserves).
Following the November 2022 FTX crash, which we reported as Kriptokoin.com, Binance was the leading exchange pushing for the PoR application. This method obliges all exchanges to prove that their users hold their cryptocurrencies at a 1:1 ratio. In the absence of this practice, FTX used customer funds for its own interests. Binance CEO CZ was crushed by massive withdrawals after revealing irregular transactions. Finally, let us note that Binance has a billion SAFU fund for difficult times.
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