Binance Unveils its 18th Proof of Reserve
Binance, the largest cryptocurrency exchange, has revealed an increase in reserves for the top five digital assets by market capitalization, despite a recent decline in prices.
According to Binance’s proof-of-reserve (PoR) report, Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, and Solana (SOL) have an excess backing of at least 104%. Bitcoin balances on the platform saw a 2.28% boost, with an additional 12,970 BTC added. Users now hold over 581,758 Bitcoin, valued at more than $36 billion.
USDT holdings experienced the largest increase among the top five cryptocurrencies, rising by 8%. Tether assets grew by over $1.6 billion, reaching around $22.8 billion USDT. BNB and Solana also saw gains of 3.7% and 2.7% respectively, as users added to their existing holdings. The reserves for BNB and SOL were reported as 40 million and 31 million.
However, Ethereum was the only top five token to experience a decrease in user balances. Binance’s PoR showed a 1.9% decline, equivalent to a reduction of 87,796 Ether. The latest net customer Ethereum holdings now stand at 4.3 million ETH coins.
This report, released on May 7, is the first PoR audit published since former CEO Changpeng Zhao received a four-month sentence following a long-standing legal battle between Binance and the U.S. Department of Justice. Richard Teng has succeeded Zhao as the new CEO and has highlighted the “greater maturity” in the company’s operations.
For more information, you can read Binance CEO’s statement regarding the “unlawful detention” of Tigran Gambaryan in Nigeria.
