Leading cryptocurrency exchange Binance, popular meme coin shiba inu (SHIB) verified its assets through “proof of reserve”.
Binance announced in its new blog post that it holds more than $63 billion in assets on behalf of its users.
Binancereported that as of March 1, it held 76,737,751,676,039 Shiba Inu tokens worth more than $843.3 million in customer net balance or user funds.
The crypto exchange has over $863.2 million in on-chain balances worth 78,546,133,520,601 SHIB. This means that Binance has more than enough Shiba Inu in their wallets to cover all customer withdrawals.
crypto exchanges, FTXIt continues to work to publish proof-of-reserve reports following the collapse of .
In late 2022, FTX stopped customer withdrawals during a “bank run,” which resulted in its platform eventually filing for bankruptcy.
In November, Binance released its first proof of reserve report to provide transparency over user funds.
Binance said earlier this year that regaining the trust of users and regulators is the firm’s top responsibility, after developments that sent shock waves to the entire industry last year.
Binance has assured its users that their assets are secured at a 1:1 ratio and are “never used for unauthorized purposes.”
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