As part of its 10th Proof of Reserve (PoR) report, Binance has guaranteed that its users hold cryptocurrencies in a 1:1 ratio. According to the report, users hold around 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 running low
According to the leading exchange’s 10th Proof of Reserve report, users are storing around 588,000 BTC and 3.89 million ETH on the platform. According to the previous report, especially Bitcoin (BTC) reserves decreased by 4.3% to the current amount. However, Tether (USDT) reserves are up 1%. The figure, which rose 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 its crypto reserves. The world’s largest stock exchange has been struggling with Fud news for a long time.
Latest on 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 Coins (USDC)
- 5.81 million Litecoins (LTC)
- 2.58 billion XRP (XRP)
- 29.98 million Solanas (LEFT)
- 54.45 million Chainlinks (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 Dogecoins (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. For example, when a user deposits 1 BTC on a cryptocurrency exchange, the exchange’s reserves are increased by at least 1 BTC to ensure customer funds are fully met. This means that the cryptocurrency exchange holds all user assets at a 1-to-1 ratio (and additional reserves).
cryptocoin.com Following the November 2022 FTX crash, Binance was the leading exchange pushing for PoR implementation. This method requires all exchanges to prove that their users are holding their cryptocurrencies in a 1:1 ratio. In the absence of this practice, FTX used client funds for its own benefit. Binance CEO was crushed by massive withdrawals after CZ exposed the fraudulent transactions. Finally, let’s mention that Binance has billions of SAFU funds for hard times.
