Binance, the world's largest cryptocurrency exchange, announced the proof-of-reserve system to regain the decreasing trust in Bitcoin exchanges after the sudden bankruptcy of FTX.
In this context, Binance, which publishes reserve reports at regular intervals, has published the 24th Report (snapshot date November 1) of its reserves.
Apart from Bitcoin (BTC), the report also included USDT, Ethereum (ETH), BNB, Solana (SOL), FDUSD, XRP, USDC, TUSD, Dogecoin (DOGE), Polygon (MATIC), Polkadot (DOT), Chainlink (LINK), SHIB, Arbitrum (ARB), Litecoin (LTC), Optimisim (OP), Chilliz (CHZ), UNI, Aptos (APT), GRT, SSV, CHR, ENJ, 1INCH, CRV, WRX, MASK, HFT, BUSD and CVP, and BOME, Pepecoin (PEPE) and WIF. BOME and WIF were added to the proof of reserve report compared to the previous report.
Accordingly, users' Bitcoin assets increased by 2.09% compared to the previous report, reaching 608,587 BTC; while USDT assets decreased by 32.62%, reaching 20.85 billion.
It was also seen that users' BNB assets decreased by 8.78% to 37.93 million.
Finally, when looking at users' Ethereum assets, it was seen that it increased by 6.20% to 4.69 million.
Binance’s latest proof of reserves shows that despite the dwindling assets, BTC, USDT, and ETH reserves remain overcollateralized by 106.82%, 102.99%, and 101.22%, respectively.
*This is not investment advice.