In a move to assure its users of the security and transparency of its platform, Binance, the world’s leading cryptocurrency exchange in terms of trading volume, has released its highly anticipated August 2023 reserve report.
This report details the quantity of various digital assets held in Binance treasury, along with the reserve ratios concerning customer net balances.
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Robust Reserves for Every Supported Cryptocurrency
The reserve report affirms that Binance possesses more than enough reserves to cover the deposits made by its customers across all supported cryptocurrencies. The reserve ratio, a metric used to gauge the adequacy of reserves, is calculated by dividing the Binance net balance by the aggregate amount of coins deposited by customers.
When the reserve ratio is 100%, Binance holds exactly the same quantity of coins as its customers. However, if the reserve ratio exceeds 100%, it indicates that Binance possesses more coins than its customers.
Amounts of Bitcoin and Altcoins Disclosed
The reserve report divulges detailed figures regarding the amount of each cryptocurrency held by Binance. Here is a summary of the information disclosed in the report:
- Bitcoin (BTC):
- Reserve Rate: 105.61%
- Customer Net Balances: 588,622,989
- Binance Net Balances: 621,631,928
- Ethereum (ETH):
- Reserve Rate: 102.71%
- Customer Net Balances: 4,068,826,253
- Binance Net Balances: 4,179,054,896
- Binance Coin (BNB):
- Reserve Rate: 113.85%
- Customer Net Balances: 29,282,440,447
- Binance Net Balances: 33,339,317.22
- Tether (USDT):
- Reserve Rate: 117.99%
- Customer Net Balances: 15.280.149.773,177
- Binance Net Balances: 18,028,511,181,839
5. XRP:
- Rate: 103.50%
- Customer Net Balances: 2,711,777,813,604
- Binance Net Balances: 2,806,681,733,985
The list continues to disclose the figures for other supported cryptocurrencies such as BUSD, USDC, LTC, and many more.
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Reassurance for Users and Not Investment Advice
Binance’s transparent release of the August 2023 reserve report aims to provide users with confidence in the security and legitimacy of the platform. It underscores Binance’s commitment to transparency and highlights its dedication to maintaining robust reserves to safeguard customer funds.
Binance’s release of this comprehensive reserve report strengthens its position as a leading player in the cryptocurrency industry, fostering trust and reinforcing its commitment to maintaining the highest standards of security and integrity for its user base.
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