The press service of the Binance crypto exchange has published a report on confirmation of digital asset reserves as of August 1, 2024. The trading platform has enough funds to cover all client deposits. According to the latest data, the Bitcoin (BTC) balance on the platform is 652.37 thousand BTC. This is 6.34% higher than the liabilities to clients of 613.47 thousand BTC.
For USDT (Tether), the reserve is 24.08 billion USDT. This result also exceeds the liabilities to customers of 21.19 billion USDT by 13.64%. Ethereum (ETH) reserves are 4.85 million ETH. This is 3.23% higher than the client liabilities of 4.70 million ETH. Significant figures were also recorded for Binance Coin (BNB). The exchange boasts a balance of 43.13 million BNB, which exceeds the liabilities of 40.53 million BNB by 6.42%.
Also, a positive difference is seen for Solana (SOL) with a reserve of 33.12 million SOL. This is 1.2% higher than the client assets of 32.73 million SOL. The balance of FDUSD (First Digital USD) is 1.58 billion FDUSD, which is 13.45% higher than the liabilities of 1.39 billion FDUSD.
Finally, for XRP, the balance is 2.95 billion XRP, which is only 0.67% more than the customer liabilities of 2.93 billion XRP. The largest increase is seen for USDC (USD Coin), where the reserves are 1.93 billion USDC. This is 22.98% higher than the required liabilities of 1.56 billion USDC.
Proof of reserves plays a key role in ensuring transparency and trust from customers. This mechanism allows customers to be sure that their funds are secure and that the cryptocurrency exchange really has all the necessary assets to cover its obligations. This is especially important in light of recent market events and the collapse of the FTX trading platform. User trust in the platforms has become a fundamental factor for their stable operation and growth.
