Binance Offers Proof of Reserves for Major Assets, Maintaining Over-Collateralization
CryptoNewsTerminal Staff06 Aug, 2024
Binance Offers Proof of Reserves for Major Assets, Maintaining Over-Collateralization
Maintaining Transparency: Binance Releases Proof of Reserves Binance, one of the world's leading cryptocurrency exchanges, has published its proof of reserves on its website, providing transparency and assurance to its users. As of August 1st, Binance holds sufficient assets to cover user balances for major cryptocurrencies, including Bitcoin (BTC), Binance Coin (BNB), Tether (USDT), Ethereum (ETH), Solana (SOL), and XRP. Strong Reserve Ratios: The reserve ratio, calculated as the ratio of user assets to Binance's holdings, indicates the exchange's ability to meet withdrawal requests. Binance's reserve ratios are as follows: - BTC: 106.34% - BNB: 106.42% - USDT: 113.64% - ETH: 103.23% - SOL: 101.20% - XRP: 100.67% These ratios demonstrate that Binance maintains over-collateralization for all major assets, ensuring that users can withdraw their funds without facing any liquidity issues. Binance's commitment to transparency and the security of user assets is a positive step towards building trust in the cryptocurrency industry.
