BUSD

Bitcoin

USDC

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/binance-publishes-12th-proof-of-reserves-report-shows-100-coverage/">Binance Publishes 12th Proof of Reserves, Report Shows 100%+ Coverage</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Leading crypto exchange <a href="https://coinpedia.org/?s=binance" target="_blank" rel="noreferrer noopener">Binance</a> <a href="https://www.binance.com/en/proof-of-reserves" target="_blank" rel="noreferrer noopener">released</a> its 12th proof of reserves report on Wednesday, providing a snapshot of its user asset holdings as of November 1st. The report showed moderate decreases in bitcoin but gains in ether.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Binance releases its twelfth proof of reserve (snapshot date 11/1). User BTC assets were 584k, a decrease of 0.7% from the last time (10-1); user ETH 3.91 million, an increase of 2.2%; BNB 31.21 million, an increase of 6.4%; USDT 15.27 billion, a decrease of 0.2%.… <a href="https://t.co/tIrkAb3jPo">pic.twitter.com/tIrkAb3jPo</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1721909301437173869?ref_src=twsrc%5Etfw">November 7, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Binance’s proof-of-reserves system analyzes its own wallets to demonstrate coverage of user funds. The latest report provided figures, including:</p> 
<ul> 
 <li>Bitcoin holdings decreased 0.7% to 584,000 BTC from October 1st.</li> 
 <li>Ether holdings increased 2.2% to 3.91 million ETH.</li> 
 <li>BNB holdings rose 6.4% to 31.21 million.</li> 
 <li>USDT holdings dropped 0.2% to 15.27 billion.</li> 
</ul> 
<p>The moderate fluctuations in bitcoin, ether, and stablecoins indicate relatively steady platform activity over the past month as markets traded sideways.</p> 
<h2 class="wp-block-heading" id="h-reserves-still-provide-100-coverage"><strong>Reserves still provide 100%+ coverage</strong></h2> 
<p>Importantly, Binance’s reserves continue to provide at least 100% coverage of all monitored liabilities across assets.</p> 
<ul> 
 <li>BUSD reserves equal 133.6% of customer balances</li> 
 <li>USDC reserves equal 103.7% of customer balances</li> 
 <li>LTC reserves equal 101.43% of customer balances</li> 
 <li>XRP reserves equal 104.18% of customer balances</li> 
</ul> 
<p>The full 1:1 reserves demonstrate Binance’s ability to process withdrawals, despite some modest asset declines.</p> 
<h2 class="wp-block-heading" id="strong-ongoing-scrutiny-after-ftx-collapse-strong"><strong>Ongoing scrutiny after FTX collapse</strong></h2> 
<p>Binance’s frequent disclosures aim to provide transparency following FTX’s dramatic collapse due to mismanagement of customer deposits.</p> 
<p>Unlike audits, Binance’s cryptographic proofs showcase total wallet balances. But details on exact custody arrangements and liabilities remain unclear.</p> 
<p>Still, Binance’s reserves report provides reassurance during the turbulence created by FTX’s failure. The exchange hopes consistent disclosures will differentiate it as users grow cautious of centralized platforms.</p>

Binance Publishes 12th Proof of Reserves, Report Shows 100%+ Coverage

Table of Contents

CoinPedia News

Other articles published on Nov 7, 2023

What Binance 12th proof of reserve report tells us

Chainlink (LINK) Hits 18-Months High, Targets More Upside

Gemini loses second executive amid U.S. legal turmoil

What’s next for Cardano as $2 billion flows into ADA market cap in a week?

Irony of Riot Platforms: Largest Bitcoin Miner But Not the Holder

The SEC Struggles to Recruit Crypto Experts, Report Says

Join our free newsletter for daily crypto updates!