Binance Proof of Reserve Verification: Maintaining Overcollateralization of Major Crypto Assets
CryptoNewsTerminal Staff09 Sep, 2024
Binance Proof of Reserve Verification: Maintaining Overcollateralization of Major Crypto Assets
Binance, the leading cryptocurrency exchange, has released its Proof of Reserve data as of September 1, 2022. This report provides transparency into the exchange's reserves and their level of collateralization against user assets. According to the Proof of Reserve data, Binance maintains an overcollateralized position for major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The exchange holds 605,000 BTC, representing a 1.27% decrease from the previous month. Binance also holds 4,486,000 ETH, a 4.58% decrease from the previous month. The Proof of Reserve report is a significant step towards enhancing trust and accountability in the cryptocurrency industry. By providing independent verification of its reserves, Binance demonstrates its commitment to transparency and the security of its users' assets.
