According to Cointelegraph, Binance released the latest proof of reserve (PoR) on August 1. The latest reserve audit shows that Binance holds enough cryptocurrency and cash to pay user funds. The ratio of the net balance of all Binance assets to the net balance of customers exceeds 100%.
The PoR shows that Binance’s USDC balance decreased from more than $3.4 billion on March 1 to about $23.9 million on May 1.
On-chain data shows that Binance began converting its USDC reserves into Bitcoin and Ethereum after the collapse of Silvergate on March 12.
On-chain analyst Aleksandar Djakovic pointed out that Binance purchased about 100,000 BTC and 550,000 ETH between March 12 and May 1, totaling about $3.5 billion, the same amount as its USDC surplus.
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Binance Reserve Proof: The ratio of the net balance of all Binance assets to the net balance of customers exceeds 100%, which is sufficient to pay user funds
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