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Binance Releases Proof of Reserves Showing 101% Backing for $9.5B in Bitcoin Deposits

source-logo  bsc.news 25 November 2022 16:43, UTC

Binance Maintains $9.6B in $BTC Reserves

Binance, the world’s largest Centralized Exchange (CEX), has published its Proof of Reserves showing that customers’ bitcoin balances are backed on-chain at a more than one-to-one ratio.

According to the announcement from Binance, customers have deposited about $9.5 billion in BTC in the exchange, which accordingly maintains $9.6 billion in BTC in on-chain reserves.

“Following our recent announcement outlining our commitment to transparency, Binance is releasing its Proof of Reserves (PoR) System, ​which is the next step in our effort to provide transparency on user funds,” Binance said. “The launch of this feature will start initially with BTC, with other tokens and networks being added in the next couple of weeks.”

As part of our ongoing commitment to transparency, we have provided new updates on #Binance’s Proof of Reserves.

Further updates for $ETH, $USDT, $USDC, #BUSD & #BNB will be coming in the near future.

Stay tuned.

— Binance (@binance) November 25, 2022

Following the collapse of FTX, audited PoRs have become a major topic for crypto CEXes, including Binance and Crypto.com.

Binance’s BTC reserves have steadily climbed since January 2020, with the rate of accumulation increasing in the last 30 days and Binance surpassing Coinbase as the exchange with the most BTC in reserve.

According to Binance’s announcement, the CEX plans to launch the next batch of PoR in two weeks, including additional assets, to have a third party audit the PoR results, and to implement zk-Snarks for POR.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

‍Website | Twitter | Discord | Telegram |