Binance Releases 19th Proof of Reserve.

Binance, the world's largest cryptocurrency exchange, announced that it has published its 19th proof of reserve. The snapshot date is June 1, 2024. Users' BTC holdings reached 582,000 BTC, an increase of 0.09% compared to the last time (May 1). Thus, there was an increase of 534 BTC. However, users' ETH assets reached 4.664 million ETH, an increase of 7.02% compared to the last time. This represents an increase of 305,000 ETH from May to June. Finally, users' USDT holdings amounted to 22.08 billion USDT, down 3.38% compared to the previous time (772 million #USDT ). Defiling data shows Binance's current asset reserves are US$124.69 billion, with a net outflow of US$1.54 billion over last month. The report also includes data on other cryptocurrencies. You can review these in the table below.

Proof of Reserves are assets held by the exchange for users. This means Binance shows evidence of having funds covering all user assets 1:1, as well as some reserves. When a user deposits one Bitcoin, Binance's reserves increase by at least one Bitcoin to ensure customer funds are fully supported. It's worth noting that this does not include the exchange's corporate assets, which are held in a completely separate ledger.

“You should make sure that #Binance holds all user assets (and some reserves) in a 1:1 ratio, we have zero debt in our capital structure, and we have an emergency fund (SAFU fund) for emergencies.”

Finally, the exchange's 11th Proof of Reserve audit report shows that assets are more than 100% safe. According to Binance, the proof of reserves (#PoR ) report proves that it has enough crypto assets to cover all customers' withdrawals, with reserves available in case of emergency.#FIT21 #StartInvestingInCrypto #Binance55thProject(IO)