Binance, one of the largest cryptocurrency exchanges in the world, published its 20th confirmation of reserves on July 1, 2024. According to the data, user assets in Bitcoin (BTC) amount to 605.64 thousand coins, which is an increase of 4.01% compared to June 1. This growth indicates the growing confidence of users in the platform and the increase in their BTC deposits.
Ethereum (ETH) also showed positive dynamics. User assets in ETH increased by 1.01%, reaching 4.71 million coins. This confirms that platform clients continue to actively use and store their funds on the platform despite market fluctuations.
At the same time, user holdings in Tether (USDT) decreased by 2.54%, amounting to 21.51 billion tokens. The drop could indicate that customers are withdrawing their funds in stablecoins, perhaps to invest in other assets or to use on other platforms. However, USDT remains one of the most popular stablecoins on the market.
User assets in BNB, Binance's native token, total 39.92 million coins, up 7.01% month-on-month. This indicates the growing popularity and trust in the trading platform's native token, which can be attributed to the numerous benefits and discounts that BNB provides to its holders.
Solana (SOL) also showed an increase in user assets, increasing by 3.92% and reaching 32.46 million. Note that the number of XRP is 2.844 billion coins, which is 1.05% more, and USDC is 1.282 billion tokens, which is an increase 10.97% more than the figures published a month earlier.
Confirming reserves is considered an important step to ensure transparency and user trust in the platform. It demonstrates that the exchange actually holds assets equivalent to user deposits. Audits help prevent fraud, increase customer confidence and increase transparency in operations. This is especially important in conditions of high volatility of cryptocurrency markets, where user confidence in the reliability of the exchange plays a key role.