Binance Publishes 17th Proof of Reserves Report
Binance, recognized as the world’s largest cryptocurrency exchange, has released its 17th Proof of Reserves report, showcasing notable growth in user assets across various cryptocurrencies.
Bitcoin Assets
Since March 1, users’ Bitcoin assets on the platform have surged by 1.08%, totaling 568,000 BTC, marking a net increase of 6,099 BTC. The ratio of customer net BTC balances to Binance net balances stood at 104.46%.
Ethereum Holdings
ETH holdings have seen a substantial rise of 11.64%, reaching 4.44 million ETH.
USDT Holdings
Users’ USDT holdings experienced an 8.36% increase, amounting to 21.1 billion USDT. The ratio of Binance net balances to customer net balances was 113.90%.
Total Reserve Assets
Binance’s overall reserve assets have climbed to a remarkable 117.1 billion, with a net inflow of 3.9 billion compared to the previous month.
However, there was a notable uptick of 19.25% in the exchange’s BNB assets compared to the preceding month.
Altcoin Holdings
The exchange currently holds significant amounts of various altcoins, listed in order of size:
- 41.8 million BNB
- 31.95 million SOL
- 2.14 billion FDUSD
- 3.21 billion XRP
- 1.8 billion USDC
- 102 million TUSD
- 14 billion DOGE (in dollar terms)
The report indicates that the total amount held by the exchange in all other altcoins exceeds the assets held by customers in the exchange.
Background and Significance
Proof of Reserves reports have gained importance in the wake of revelations about bankrupt cryptocurrency exchanges like FTX, which engaged in risky investments using customer assets.
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