According to the latest Proof of Reserves (PoR) report of cryptocurrency exchange Binance, the exchange may have sold a large amount of its excess cryptocurrency assets.
Binance still holds all of the assets that users normally own, but according to the previous report, the exchange had a large amount of cryptocurrencies, while the new report shows that they have largely been sold. The main changes in the exchange's reserves are as follows:
- He Sold Almost All of His $4 Billion in BTC
- Sold almost all of his $3 billion in USDT.
- He sold all of his $700 million in ETH.
- In total, he sold $8 billion of his $14 billion in extra assets.
Let us remind you that the exchange still holds all the assets owned by the users.
However, for example, while the ratio of BTCs owned by the exchange to users' BTCs in the previous report was 108%, this decreased to 100.45% in the new report. On the other hand, on the Ethereum side, this ratio decreased from around 104% to 100%. While similar declines were experienced for Solana and XRP, the same ratio in the stablecoin supply of the exchange showed a smaller decrease.
You can access Binance's Proof of Reserves report here.
*This is not investment advice.
