After the SEC targeted cryptocurrency exchanges in the US, the importance of the proof-of-reserve system that Binance announced in 2022 was once again understood.
While investors were in a short-term panic over the SEC's actions against Binance, the lack of a serious drop in Binance reserves showed that big players continue to trust the exchanges.
If Binance had not shared its reserves through public wallets, there could be a lot of speculation in these days when dirty information spreads fast.
So What's the Latest Situation in Binance Reserves?
According to Binance's data, user assets are supported by over 100% as of June 01, 2023, and the table is as follows:
When we look at the current data of the popular wallet tracking platform Nansen, we see that the reserve information is consistent with the data on the chain.
According to Nansen data, the instant BTC balance on Binance is 599,235. Considering the SEC's lawsuit against Binance in this process, we see that there is only a 33 thousand BTC decrease in Binance reserves. This is a very acceptable figure. The important thing here is not how much Bitcoin is withdrawn, but the fact that customer assets are supported at a ratio of 1:1.
The present net worth of assets on Binance is $58 billion.
These data show that despite the SEC's actions against Binance, investors trust Binance and the Binance proof-of-reserve system, which is an important step towards transparency in the cryptocurrency industry, has prevented many speculations.
To learn more about the Binance Proof of Reserve system and Binance reserves, you can visit Binance at the link below.
Binance Proof of Reserve information page
