A recent report by Binance, the world’s leading cryptocurrency exchange, details its 19th proof of reserves (PoR). This report offers a snapshot of user holdings and provides transparency regarding the exchange’s commitment to maintaining a 1:1 reserve ratio for all user assets.
The report highlights changes in user holdings across major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), XRP, and Shiba Inu (SHIB).
Read Also: Binance Upgrades its Proof of Reserves System, Adds Shiba Inu (SHIB)
As of June 1, 2024, Binance users held 582,292 BTC, reflecting a modest increase of 534 BTC compared to May 1st. Similarly, user ETH holdings climbed 7.02% to reach 4.664 million tokens. Conversely, USDT holdings by customers witnessed a decline of 3.38%, settling at 22.08 billion.
The PoR delves deeper into specific cryptocurrencies like XRP and SHIB, offering insights into their current state on the exchange.
For XRP, customer net balances stood at a significant 2.9 billion XRP (2,900,709,887), while Binance’s net balances reached 2.934 billion XRP (2,934,745,782). This figure encompasses direct exchange balances (2.914 billion XRP) and XRP held in third-party custody (20.69 million XRP). Notably, the XRP ratio sits at 101.17%, indicating a slight surplus in one of the balance metrics.
Similarly, the report sheds light on SHIB holdings. Customer net balances for SHIB amounted to a staggering 62.62 trillion tokens (62,621,636,992,214), exceeding Binance’s net holdings of 64.8 trillion SHIB (64,808,700,407,107). This includes direct exchange balances (64.599 trillion SHIB) and SHIB stored in third-party custody (209.55 billion SHIB). The SHIB ratio of 103.49% suggests that customer holdings for SHIB marginally surpass those held by Binance.
The 19th PoR report reveals that Binance’s total asset reserves amount to $124.69 billion. This figure reflects a net outflow of $1.54 billion compared to the previous month. It’s crucial to consider these reserve fluctuations within the broader market context. Recent market volatility could influence user behavior, potentially leading to shifts in asset holdings on the platform.
By consistently publishing PoR reports, Binance aims to foster transparency and build trust with its user base. These reports demonstrate the exchange’s commitment to maintaining a strong reserve position and adhering to a 1:1 reserve ratio for user assets. This transparency is vital for ensuring user confidence and promoting the overall health of the cryptocurrency ecosystem.
Read Also: Crypto.Com Shares Proof that Shows a High XRP Reserve Ratio: Details
The report primarily focuses on major cryptocurrencies. However, the Shiba Inu ecosystem encompasses additional tokens, such as BONE. While SHIB enjoys extensive support and listings on leading exchanges like Binance, the community continues to advocate for the listing of BONE. While the report doesn’t address the potential listing of BONE, future PoR reports might provide updates on this topic.
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