Binance reveals its holdings of Bitcoin, Ethereum, and USDT.

crypthub

3 days ago

Proof of Reserves Report

Binance published its 35th Proof of Reserves report, reflecting a snapshot from October 1st. The report indicates a decrease in user balances when compared to the previous month. Despite this decrease, the exchange's asset ratio remained above 100%. This report aims to increase transparency following concerns raised by the FTX collapse.

Decreased User Holdings

User Bitcoin (BTC) holdings declined by 2.67%, resulting in 591,000 BTC. Ethereum (ETH) balances also decreased, falling to 4.13 million ETH. Tether (USDT) holdings decreased to 30.28 billion USDT. These changes reflect shifts in user activity and market conditions.

Reserve Ratio Details

Binance maintains high reserve ratios across various assets, including BTC (103.50%), ETH (100.00%), and USDT (106.87%). Several other assets also demonstrated high margin ratios, such as LTC, DOGE, POL, DOT, and LINK. This practice of publishing Proof of Reserves became prevalent after the FTX scandal.