📈🔒 😱Binance Releases 19th Proof of Reserve 🚀💥😎
Binance, the world's largest cryptocurrency exchange, announced the publication of 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 snapshot (May 1), totaling an increase of 534 BTC. Users' ETH assets reached 4.664 million ETH, an increase of 7.02%, representing a rise of 305,000 ETH from May to June. However, users' USDT holdings amounted to 22.08 billion USDT, down 3.38% compared to the previous period (a decrease of 772 million USDT). Detailed data reveals Binance's current asset reserves are valued at US$124.69 billion, with a net outflow of US$1.54 billion over the past month. The report also includes data on other cryptocurrencies, which can be reviewed in the table below.
Proof of Reserves refers to assets held by the exchange for users. This means Binance shows evidence of having funds covering all user assets 1:1, plus some reserves. When a user deposits one Bitcoin, Binance's reserves increase by at least one Bitcoin to ensure customer funds are fully supported. This does not include the exchange's corporate assets, which are kept on a separate ledger.
“You should ensure that #Binance holds all user assets (and some reserves) in a 1:1 ratio. We have zero debt in our capital structure and maintain an emergency fund (SAFU fund) for unforeseen circumstances.”
Finally, the exchange's 11th Proof of Reserve audit report shows that assets are more than 100% secure. According to Binance, the proof of reserves (#PoR) report proves that it has sufficient crypto assets to cover all customers' withdrawals, with additional reserves available in case of emergencies.
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