Binance Publishes Proof of Reserves, Major Assets Remain Over-Collateralized

IconCryptoNewsTerminal Staff06 Jul, 2024

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Binance Publishes Proof of Reserves, Major Assets Remain Over-Collateralized

Binance has published Proof of Reserves data as of July 1, 2023 (local time) on its official website. The reserve ratio (the ratio of user assets to Binance's holdings) was found to be 106.56% for BTC, 107.01% for BNB, 115.81% for USDT, and 102.96% for ETH. SOL (103.92%) and XRP (101.05%) are also maintaining an over-collateralized state. Binance has stated that it will continue to update its Proof of Reserves on a monthly basis to enhance transparency and build trust with its users. This move comes amidst increased scrutiny of cryptocurrency exchanges following the collapse of FTX. By providing Proof of Reserves, Binance is demonstrating its commitment to transparency and assuring users that their assets are safe and secure.

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