Binance and 5 Exchanges Opened Their Portfolio: There Are These 7 Altcoins!

Several leading crypto exchanges, including Binance, KuCoin, Crypto.com, Gate.io, Huobi, have revealed their intention to release their fund reserves to curb the current contagion fears plaguing the crypto market.

Binance reveals holding data of 6 coins

Exchange CEO Changpeng Zhao recommended that crypto exchanges should make a Merkle tree proof of reserve. In his view, traditional financial institutions such as banks can operate with fractional reserves, while crypto exchanges should not. Binance has made its cold wallet addresses public. This change is a result of Binance’s commitment to transparency.

Currently, the cryptocurrencies that Binance publishes its data include Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BSC), Binance Coin (BNB) and Tron (TRX). The list of cryptocurrencies in Binance’s hands reaches $ 70 billion.

Despite the current bear market, Binance still holds a staggering 475,000 Bitcoins (BTC), according to the exchange’s public figures. The estimated value of all Bitcoins held by Binance is approximately $7.89 billion. Binance’s holding data is important. Because it sheds light on the stock markets that are currently the leader in terms of market capitalization. The exchange also offers its customers a valuable service that allows them to easily trade between different cryptocurrencies.

Binance holds $17.6 billion worth of USDT, $21.7 billion worth of BUSD, and $601 million worth of USDC. They currently have over $40 billion in stablecoins in their vault. Following the disclosure of this information, Changpeng Zhao (CZ) made it clear that only 6 out of 600 tokens of this information relate to past wallet addresses and balances. More data will be released by the exchange soon.

KuCoin is also watching Binance

Cryptocurrency exchange KuCoin stated that the safety and security of users’ funds is their priority. In this context, he noted that they have taken some measures as part of their commitment to transparency and strengthening trust in the sector. The exchange said it is working on the Merkle tree proof of reserve that CZ mentioned. He said they will release it in about a month in early December.

However, he shared the details of hot and cold wallet addresses. In this context, he announced the following data: BTC: 20,504 BTC, ETH: 180, 299 ETH, USDT: 1,075,909,241 USDT, USDC: 365,722,839 USDC, KKS: 69,601,075 KKS. The exchange stated that this data was taken at 7:00 UTC on the instant 11/11/2022. He also stated that he does not represent all of his assets. He said only major tokens on BTC, ETH, TRX, KCC, ALGO, ABR, OPT ,EOS are included

After Binance call, Crypto.com unveils partial reserve proof

Crypto.com became involved with crypto exchanges that released partial “Proof of Reserves” during the collapse of rival exchange FTX. cryptocoin.com Fear of crypto contagion from the FTX collapse is spreading. Exchange CEO Kris shared links to a Nansen board showing more than $2 billion in reserves. In this context, he showed his willingness to remain transparent in the industry. Meanwhile, the Full Proof of Reserve audit continues. He stated that he will share cold wallet addresses for some of the biggest assets on the Crypto.com platform.

According to data shared on Nansen, Bitcoin accounts for 30.67% of total reserves, while Ethereum accounts for 17.32%. Another 19.77% of reserves are held in Shiba Inu (SHIB). Only 11.99% of reserves are in stablecoins like USDC and USDT. Kris also made the following statement:

This represents only a fraction of our reserves. ~$3.0 billion in total with around 53,024 BTC, 391,564 ETH and other assets.

Gate.io also announced that it will reveal its reserves

Gate.io’s Founder and CEO, Dr. Lin Han hopes that other platforms can use his open-source solution to increase transparency and industry health. It invites other exchanges to seek advice and advisory support. Gate.io, in collaboration with US firm Armanino LLP, was the first company to conduct such Proof of Reserve audits in 2020. The duo recently completed another audit. According to a report by Armanino LLP, Gate.io has extra BTC and ETH reserves at 108% and 104% respectively.

Huobi Global and Poloniex also announced fractional reserves

Justin Sun has announced three wallets that Huobi Global and Poloniex say contain 48,555 Bitcoins (roughly $85 million), less than 3% of their holdings. Other assets of exchanges include US dollars, stablecoins and Treasury bills, according to Sun.

OKX to announce reserve with Binance call

OKX’s CEOs, Jay Hao, said their exchange will release proof of reserve within the next 30 days.