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Binance’s blog post said, “On Binance, user funds are always collateralized at a 1:1 ratio, plus additional reserves.”
Binance has upgraded its Proof-of-Reserves (PoR) system to allow users to verify their holdings for 11 new tokens. The newly added coins include WazirX (WZX), 1Inch (1INCH), Mask Network (MASK), Enjin Coin (ENJ), The Graph (GRT), Dogecoin (DOGE) and Curve DAO token (CRV), among others.
This brings the total number of verifiable tokens on Binance to 24 coins.
Our Proof-of-Reserves just got an update.
— Binance (@binance) March 7, 2023
We have now increased the number of tokens we cover by 11, to a total of 24.
Find out more about our Proof-of-Reserves and this recent update with the blog below.https://t.co/4kKWhkNK3q
According to its blog post, Binance currently holds $63B worth of crypto assets on its platform. The snapshot, dated March 3, revealed that all of the exchange’s assets are collateralized in a 1:1 ratio, with additional reserves in its on-chain balance.
Binance holds an excess of USD Coin (USDC), with the stablecoin’s reserve ratio surpassing 5490%. The exchange’s on-chain Bitcoin (BTC) holdings amount to $12.4B while its Ethereum (ETH) assets range around the $6.99B mark.
It is worth mentioning that Binance’s PoR report has not been audited by third-party accounting firms. This is because Mazars, the firm responsible for auditing the exchange's PoR report, stopped offering services to crypto platforms after December 2022.