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Binance, one of the world’s largest cryptocurrency exchanges, has released its 39th Proof of Reserves (PoR) report, based on a snapshot from February 1st. The report highlighted the monthly changes in user assets.
According to the data, users’ total Bitcoin ($BTC) holdings on the platform have reached approximately 639,000 $BTC. This figure represents a 0.41% increase compared to the previous snapshot on January 1st. A net increase of approximately 2,614 $BTC was recorded in $BTC balances.
Ethereum ($ETH) also saw a decline. Users’ total $ETH holdings were reported at approximately 4.18 million $ETH, a 3.74% decrease compared to the previous month. The decline in $ETH balances was calculated at approximately 162,469 $ETH.
A similar trend was observed in Tether ($USDT) balances. Users’ total $USDT holdings stood at approximately 36.8 billion $USDT. This represents a 3.07% decrease on a monthly basis, or a reduction of approximately 1.16 billion $USDT.
Proof of Reserves (PoR) reports aim to demonstrate that exchanges have sufficient reserves to match user assets on a one-to-one basis. Binance states that it aims to increase transparency and strengthen investor confidence through its regularly published PoR reports.
*This is not investment advice.
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