Binance has confirmed that its reserves in SHIB fully cover client assets
Happycoin.club - On November 1, the largest cryptocurrency exchange by trading volume, Binance, published a new reserve confirmation report, generated as a result of an independent audit. Of particular note is the fact that Binance stores $601.57 million of client funds in Shiba Inu (SHIB).
According to the published document, Binance holds 77.48 trillion SHIB in its reserves. Exchange clients, in turn, have SHIB 75.19 trillion, which means their assets are covered by 103%. This is 300 basis points above the required 1:1 ratio.
Additionally, the centralized exchange records its proof of reserves on the Bitcoin (BTC) blockchain. Thanks to this, we see that the November self-audit took place at block 814748.
SHIB is currently trading at $0.00000820 per token. Throughout the past week, Shiba Inu has been moving in a bullish trend, rising in price by 6.9% during this time.
SHIB price chart for the week. Source: CoinGecko
Notably, Binance is the largest holder of SHIB tokens, as the exchange's reported reserves account for 13.15% of Shiba Inu's total supply.
