Binance reported an increase in its reserves for the top five cryptocurrencies by market cap, despite recent price declines. The latest proof-of-reserve (PoR) audit reveals that Binance maintains more than enough reserves to cover user assets on a one-to-one basis, with additional reserves to spare.

Reserve Details Across Key Cryptocurrencies

Binance’s report highlights a significant 2.28% rise in Bitcoin holdings, an increase of 12,970 BTC, bringing the total to over 581,758 BTC valued at approximately $36 billion. Tether (USDT) showed the most substantial growth among the top five, with holdings increasing by 8%, which translates to a $1.6 billion increase, totaling around $22.8 billion USDT.

Additionally, BNB and Solana (SOL) also experienced growths of 3.7% and 2.7% respectively. BNB reserves now stand at 40 million, and Solana reserves at 31 million. However, Ethereum (ETH), the second-largest digital asset, saw a decrease in holdings by 1.9%, or about 87,796 ETH, resulting in net customer holdings of 4.3 million ETH.

Leadership Changes and Future Prospects

This first PoR audit under Binance’s new CEO, Richard Teng, follows the sentencing of former CEO Changpeng Zhao. Zhao received a four-month sentence after prolonged legal challenges with the U.S. Department of Justice. Teng emphasized the company’s evolved maturity under the new leadership, suggesting a robust future for the exchange.

Binance’s proactive update on its reserves reflects its commitment to transparency and security for its users, ensuring that each investor’s holdings are adequately backed by tangible assets, thereby strengthening user trust even in volatile market conditions.

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Filed under: Bitcoin - @ May 9, 2024 7:23 pm