Binance Announces Proof-of-Reserve System

Binance, the world’s largest cryptocurrency exchange, announced a proof-of-reserve system to restore trust in Bitcoin exchanges following FTX’s sudden bankruptcy.

In this context, Binance regularly publishes reserve reports and recently released its 32nd report (snapshot date: July 1).

According to Binance’s official website, the reserve ratios for major cryptocurrencies are overcollateralized:

• Bitcoin (BTC): 102.51%
• USDT: 101.11%
• Ethereum (ETH): 100.00%
• BNB: 111.79%

The report features cryptocurrencies like Solana (SOL), FDUSD, ENJ, 1INCH, CRV, and more.

Despite these overcollateralization rates, users’ Bitcoin assets decreased by 3.27% to 573 thousand BTC, while USDT assets increased by 2.64% to 29.59 billion. Additionally, users’ BNB assets decreased by 0.54% to 39.64 million, and Ethereum assets fell by 5.34% to 5.051 million.

This is not investment advice.