Crypto exchange Binance has released its 22nd proof of reserves. The snapshot of the crypto balance mentioned in the report was taken on September 1.
According to the details of the report, Binance users currently hold 605,690.438 BTC. The exchange’s BTC holding ratio in comparison to the user balance stands at 106.84%. The exchange users’ Ethereum holdings per the PoR are 4,486,359.895 ETH. The ETH holding ratio is also at 103.68%.
In comparison to previous proof of reserves reports, the current user BTC and ETH holdings are down. Bitcoin holdings are down by 1.27%, which is a drop of 7780 BTC in comparison to last report’s 613,471 BTC.
Ethereum also followed a similar trend in the proof of reserves with a drop of 4.58%. The exchange users’ ETH holdings reduced by 215,517 units from 4,701,876 Ethereum in August.
Binance released the 22nd proof of reserves (snapshot date September 1). The user's BTC assets are 605k, down 1.27% from the last time; the user's ETH assets are 4.486 million, down 4.58% from the last time, a decrease of 215k ETH; the user's USDT assets are 22.11 billion, up… pic.twitter.com/3Ycz6dN6Oq
— Wu Blockchain (@WuBlockchain) September 9, 2024
Assets reported in Binance’s PoR
Users’s USDT holdings stand at 22,111,872,167.191 coins, with the exchange’s USDT holding ratio at 112.82%. Interestingly, users’ USDT balance is up from last month’s 21,192,804,719, which depicts a 4.34% increase. Coming to the numbers, the variation is almost 919,067,448 USDT.
The report also covered other top coins. BNB holdings of Binance users stand at 40,707,048.548, Solana at 32,038,096.917, FDUSD at 2,225,440,267.085, XRP at 2,756,047,036.985, and USDC at 1,518,014,323.641 coins.
In comparison to users’ holdings, the exchange has maintained a reserve of well over 100% to 132% for various coins.
Binance published its first Proof of Reserves report in July 2023. The report was released as a means to improve transparency following the collapse of the FTX exchange.
The collapse of FTX revealed that the user funds were misappropriated. The exchange’s downfall also faded users’ trust in centralized exchanges. In order to address this issue, the exchange came out with this transparency report. As per the report, all user funds are backed 1:1 by on-chain assets.
The PoR makes use of Merkle Trees to read blockchain data, which allows users to analyze and verify the holdings of the crypto exchange.
