Binance Assets Remain Over-Collateralized: Proof of Reserves Released
CryptoNewsTerminal Staff06 Jun, 2024
Binance Assets Remain Over-Collateralized: Proof of Reserves Released
Binance has released its Proof of Reserves data as of June 1, 2023, showcasing the company's commitment to transparency and the security of user assets. The data reveals that Binance maintains an impressive collateralization ratio for major cryptocurrencies. According to the report, the reserve ratio for Bitcoin (BTC) stands at 106.7%, indicating that Binance holds 1.067 BTC for every 1 BTC held by its users. Similarly, the reserve ratio for Binance Coin (BNB) is 106.34%, while Tether (USDT) boasts a ratio of 114.48%. Ethereum (ETH) and Solana (SOL) also maintain healthy reserve ratios of 103.75% and 103.67%, respectively. Binance's Proof of Reserves demonstrates the company's strong financial footing and its ability to meet its obligations to users. The over-collateralized status of Binance's major assets provides an additional layer of security and assurance for users, reaffirming the platform's position as a trusted custodian of digital assets.
