Binance releases proof of reserves, showing 100% backed assets

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Cryptocurrency trade Binance has carried out its twelfth audit of reserves held on the trade.

Binance has launched an audit of its crypto reserves printed on Jan. 1, revealing that it controls 597,658.074 Bitcoins (BTC) and 4,265,238.882 Ethereum (ETH). The trade’s consumer accounts maintain 575,852.891 BTC and 4,002,782.994 ETH. Thus, consumer funds in Bitcoin and Ethereum are secured by 103.79% and 106.56%, respectively.

Binance releases proof of reserves, showing 100% backed assets - 1

Printed on Jan. 8, the report additionally discovered that customers maintain nearly 32 million BNB. Consumer belongings in USDT stablecoins reached 16.85 billion, 123.20% backed.

Notably, the consumer stability in BUSD is secured by 167.91%. In November 2023, the asset’s capitalization decreased to $1.89 billion. Based on Binance, the trade will cease supporting BUSD in 2024.

Proof of reserves is details about the storage of consumer belongings on exchanges. Binance founder Changpeng Zhao introduced an audit in November 2022. The crypto trade launched this idea after the chapter of FTX to show its readiness to cowl any quantity of withdrawal requests.

In February 2023, Binance updated the proof of reserves system to make audits extra environment friendly and clear. The proof of reserves reviews are regularly published by OKX, Bitget, and different exchanges.

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