Binance, the world’s largest cryptocurrency exchange, announced the proof-of-reserve system to regain the decreasing trust in Bitcoin exchanges after the sudden bankruptcy of FTX.
In this context, Binance, which publishes reserve reports at regular intervals, has published the 29th Report (snapshot date April 1) of its reserves.
According to Binance’s official website, the reserve ratio (Binance holdings divided by user assets) for major cryptocurrencies is overcollateralized.
Binance had also added the altcoin TRUMP, the token of US President Donald Trump, in its previous reserve report.
Apart from Bitcoin (BTC), the report includes USDT, Ethereum (ETH), BNB, Solana (SOL), FDUSD, ENJ, 1INCH, CRV, MASK, HFT, BUSD, BOME, Hedera (HBAR), NEAR, Pepecoin (PEPE), SUI, WIF and TRUMP were featured.
Accordingly, users’ Bitcoin assets decreased by 2.48% compared to the previous report, falling to 612,000 BTC; while USDT assets decreased by 3.67%, falling to 28.32 billion.
Finally, when looking at users’ Ethereum assets, it was seen that they decreased by 2.71% to 5.465 million ETH.
According to the latest report, the exchange has sold a large amount of its excess cryptocurrency assets. Binance still holds all of the assets that users normally own, but according to the previous report, the exchange has sold more cryptocurrencies than it did in the previous report, but in the new report, it seems that it has sold them.
Still, Binance’s latest proof of reserves shows that BTC, USDT, ETH, and BNB reserves are collateralized at 100.99%; 104.42%; 100.03% and 111.53% respectively.
You can access Binance’s latest Proof of Reserves report here.
*This is not investment advice.
