Binance, the leading crypto exchange fighting legal in the US, recently released its 8th proof of reserve. This practice had become a necessity for all exchanges as of November 2022, when FTX went bankrupt.
Binance releases 8th proof of reserve
Binance’s 8th proof of reserve report shows that the exchange’s BTC reserves have decreased by 3.6% compared to the previous one. Accordingly, 79 trillion Shiba Inu and more than 2.69 billion XRP were in the reserves. The 7 altcoins and collateral rates currently at the top of the list are as follows:
- BTC:
- Customer Balance: $592,457,382
- Binance Balance: $617,960.43
- ETH:
- Customer Balance: $4,164,474.91
- Binance Balance: $4,241,337,207
- BNB:
- Customer Balance: $29,705,817,168
- Binance Balance: $33,565,612,192
- USDT:
- Customer Balance: $15,478,113,389,536
- Binance Balance: $16,835,863,891.09
- BUSD:
- Customer Balance: $2,329,165,870,636
- Binance’s Balance: $2,643,877,186,308
- USDC:
- Customer Balance: $829,128,856,325
- Binance Balance: $841,145,084,884
- LTC:
- Customer Balance: $6,572,562,618
- Binance Balance: $6,618,715.9
- XRP:
- Customer Balance: $2,594,820,681,419
- Binance Balance: $2,696,455,113.87
Binance was the first adopter of proof of reserve
When the crypto market thawed in 2022, Binance emerged as both the main competitor and the market savior. The leading exchange started the run that knocked out rival FTX. He has since pledged to help bail out crypto firms, especially in distress.
Binance is also spearheading its offering to prove to its clients and the broader market that it owns the assets it says it owns, known as proof of reserve. Specifically, it claims to perform a “Merkle tree” proof-of-reserve audit, which is a cryptographic way of collecting Blockchain data. In this context, the exchange assures that apart from BTC and ETH, it also holds SOL, CRV, SHIB and XRP at a 100% collateral rate.
The reserves of the leading exchange decreased compared to the previous one
Meanwhile, Chinese crypto researcher Wu Blockchain reports that Binance reserves have dropped slightly compared to the previous one:
Binance released the eighth proof of reserve, the user’s BTC asset accumulation decreased by 3.6 percent compared to the previous one, 22,000 BTC decreased; user’s ETH asset accumulation decreased by 4.4 percent, 192,000 ETH decreased; user’s BNB asset accumulation increased by 6.6 percent, increasing 1.83 million BNB; The user’s USDT asset accumulation decreased by 9.45 percent, increasing 1.61 billion USDT.
SEC lawsuit followed by news of mass resignation
The leading exchange faced harsh accusations from the US regulator SEC on June 5th. In hot developments, especially senior stock market executives announce their resignation for various reasons. cryptocoin.com We have included the details in this article.
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