As part of its ongoing effort to regain user confidence following the sudden collapse of FTX, Binance, the world’s largest cryptocurrency exchange, has been regularly publishing proof-of-reserves reports. These reports aim to showcase the platform’s transparency and ensure users that their assets are fully backed.
In its 22nd reserve report, Binance has disclosed its holdings across a variety of cryptocurrencies. While Bitcoin (BTC) remains a major part of its reserves, a range of altcoins also features prominently. These include USDT, Ethereum (ETH), BNB, Solana (SOL), FDUSD, XRP, USDC, TUSD, Dogecoin (DOGE), Polygon (MATIC), Polkadot (DOT), Chainlink (LINK), Shiba Inu (SHIB), Arbitrum (ARB), Litecoin (LTC), Optimism (OP), Chiliz (CHZ), Uniswap (UNI), Aptos (APT), GRT, SSV, CHR, ENJ, 1INCH, CRV, WRX, MASK, HFT, BUSD, CVP, and Pepecoin (PEPE).
Breakdown of Key Holdings
According to the latest report, the total Bitcoin held by Binance’s users has seen a slight decrease of 1.27%, bringing the total to 605,690 BTC. In contrast, holdings of Tether (USDT) have increased by 4.34%, now standing at a substantial 22.1 billion USDT.
The report also revealed a small increase in BNB holdings, which rose by 0.42%, bringing the total to 40.7 million BNB.
However, one notable decrease was seen in Ethereum (ETH) holdings, which dropped by 4.58% to 4.48 million ETH.
Why Binance’s Proof-of-Reserves Matters
Binance’s move to regularly publish proof-of-reserves reports is a critical step in maintaining user trust, especially following the market volatility caused by high-profile collapses like FTX. These reports aim to demonstrate that user funds are secure and properly backed by Binance’s reserves.
At Turkish NY Radio, we see this transparency as essential for the future of crypto exchanges and their relationship with users. The continued publication of these reports will likely play a pivotal role in solidifying Binance’s position as a leader in the industry.
