Binance Releases Latest Proof of Reserves Amid Trust Challenges
In an effort to restore confidence in cryptocurrency exchanges following the abrupt collapse of FTX, Binance, the largest cryptocurrency exchange globally, introduced a proof-of-reserve system.
Recently, Binance published its 23rd reserve report, with the snapshot dated October 1. This report details the exchange’s reserves beyond Bitcoin (BTC), encompassing a range of assets including USDT, Ethereum (ETH), BNB, Solana (SOL), FDUSD, XRP, USDC, TUSD, Dogecoin (DOGE), Polygon (MATIC), Polkadot (DOT), Chainlink (LINK), SHIB, Arbitrum (ARB), Litecoin (LTC), Optimism (OP), Chilliz (CHZ), UNI, Aptos (APT), GRT, SSV, CHR, ENJ, 1INCH, CRV, WRX, MASK, HFT, BUSD, CVP, and Pepecoin (PEPE).
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The report indicated a decline in users’ Bitcoin holdings by 1.58%, bringing the total to 596,000 BTC, while USDT holdings fell by 3.16% to 21.4 billion. In contrast, users’ BNB assets rose by 2.17%, reaching 41.58 million. Meanwhile, Ethereum holdings decreased by 1.37% to 4.42 million.
Despite the overall decline in assets, Binance’s latest proof of reserves indicates that BTC, USDT, and ETH remain overcollateralized at 106.73%, 111.38%, and 100.57%, respectively.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
