Binance’s latest PoR shows it has over $63 billion across 24 assets
Binance has added 11 additional tokens to its proof-of-reserves (PoR) report.
The world’s leading cryptocurrency exchange said it has over $63 billion across 24 assets.
The results have not been audited by any external accounting firm at the moment.
Binance holds $63 billion in 24 assets
Binance, the world’s leading cryptocurrency exchange, published its latest PoR report on Tuesday, March 7th.
According to the company’s announcement, it has added 11 tokens to its PoR report. The tokens include MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE.
This latest cryptocurrency news means that Binance now holds over $63 billion across 24 assets in its proof of reserves system. Bitcoin, Ether, and Tether (USDT) are the top three assets on the exchange, accounting for $12.7 billion, $7.1 billion, and $16.3 billion in net customer balance.
Binance wrote that;
“With the addition of 11 assets to its PoR system, Binance, the world’s largest exchange by trading volume, now shows over 63B USD in reserves.”
Crypto exchanges have adopted PoR to promote transparency
Cryptocurrency exchanges, including Binance, OKX, and Bybit, adopted the PoR system following FTX’s collapse late last year. The PoR system is designed to promote greater transparency amongst cryptocurrency exchanges and assures users that their funds are safe.
Following Binance’s PoR report on January 26, 2023, the cryptocurrency exchange implemented zk-SNARKs, zero-knowledge protocols that increase the privacy and security of user data during the verification process.
According to Binance, its PoR leverages Merkle trees to add up on-chain data so that users can rest easy knowing that their assets are held for them 1:1 in our custody.
In December last year, South African auditor Mazars removed Binance’s PoR audit from its website. The auditing firm also ceased providing services to Binance and other cryptocurrency exchanges.
Binance remains the world’s largest cryptocurrency exchange. The crypto exchange accounts for over $12 billion in daily trading volume, higher than the $1.1 billion recorded by its closest rival, Coinbase.
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Filed under: Bitcoin - @ March 7, 2023 4:14 pm