Binance Publishes 12th Proof of Reserves, Report Shows 100%+ Coverage

Leading crypto exchange Binance released its 12th proof of reserves report on Wednesday, providing a snapshot of its user asset holdings as of November 1st. The report showed moderate decreases in bitcoin but gains in ether.

Binance’s proof-of-reserves system analyzes its own wallets to demonstrate coverage of user funds. The latest report provided figures, including:

  • Bitcoin holdings decreased 0.7% to 584,000 BTC from October 1st.
  • Ether holdings increased 2.2% to 3.91 million ETH.
  • BNB holdings rose 6.4% to 31.21 million.
  • USDT holdings dropped 0.2% to 15.27 billion.

The moderate fluctuations in bitcoin, ether, and stablecoins indicate relatively steady platform activity over the past month as markets traded sideways.

Reserves still provide 100%+ coverage

Importantly, Binance’s reserves continue to provide at least 100% coverage of all monitored liabilities across assets.

  • BUSD reserves equal 133.6% of customer balances
  • USDC reserves equal 103.7% of customer balances
  • LTC reserves equal 101.43% of customer balances
  • XRP reserves equal 104.18% of customer balances

The full 1:1 reserves demonstrate Binance’s ability to process withdrawals, despite some modest asset declines.

Ongoing scrutiny after FTX collapse

Binance’s frequent disclosures aim to provide transparency following FTX’s dramatic collapse due to mismanagement of customer deposits.

Unlike audits, Binance’s cryptographic proofs showcase total wallet balances. But details on exact custody arrangements and liabilities remain unclear.

Still, Binance’s reserves report provides reassurance during the turbulence created by FTX’s failure. The exchange hopes consistent disclosures will differentiate it as users grow cautious of centralized platforms.

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