#What does Binance’s October proof of reserves reveal?
Binance's latest proof of reserves for October indicates that the exchange maintains a healthy surplus to cover user deposits in various cryptocurrencies. Its audit shows that Binance holds more than 100% of user funds in major assets, including significant reserves in Bitcoin, BNB, XRP, and popular stablecoins.
Bitcoin reserves stand out with an excess of approximately 21,000 BTC, representing a surplus of 103%. This kind of backing is critical for ensuring trust and security in a trading platform. Furthermore, the exchange reports even larger surpluses for other assets: BNB is covered at a rate of 112%, while XRP sits at 102%. Notably, stablecoins like USDT hold a surplus of 106%, FDUSD at 125%, and USDC leads with an impressive 148% surplus.
#Are Ethereum and Solana fully backed?
Ethereum and Solana reserves remain fully backed at 100%. This conservative approach by Binance demonstrates its emphasis on risk management, ensuring that these particular assets are backed dollar-for-dollar. This coverage not only enhances the platform's credibility but also provides investors with assurances that their funds are safe.
In summary, Binance’s proof of reserves underscores the exchange's commitment to security and transparency. By maintaining a surplus in several major cryptocurrencies while fully backing Ethereum and Solana, Binance is prioritizing user trust and aiming to strengthen its position in the competitive crypto market.