Binance, crypto’s largest exchange, disclosed reserve increments across the top five digital assets by market cap despite a slump in prices over the past month.
The Binance proof-of-reserve (PoR) reported an excess backing of at least over 104% for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, and Solana (SOL).
“When we say Proof of Reserves, we are specifically referring to those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds that cover all of our user’s assets 1:1, as well as some reserves.”
Binance PoR audit
Per the crypto’s biggest centralized exchange, Bitcoin balances marked a 2.28% jump, increasing by 12,970 BTC. Users hold over 581,758 Bitcoin worth more than $36 billion on the platform.
The company noted an 8% rise in USDT holdings as the largest increase of the top five cryptocurrencies. Tether assets grew by over $1.6 billion month-on-month, sitting around $22.8 billion USDT at press time. BNB and Solana surged by 3.7% and 2.7% respectively as users added to existing stockpiles. The reserves for BNB and SOL were reported as 40 million and 31 million.
Crypto’s second-largest asset, Ethereum, was the only top five token to experience a decrease in user balances. Binance’s PoR showed a 1.9% fall in ETH reserves, reducing by some 87,796 Ether. The latest net customer Ethereum holdings amounted to 4.3 million ETH coins.
Binance’s May 7 report is the first PoR audit published since former CEO Changpeng Zhao was issued a four-month sentence, following a multi-year saga between the crypto exchange and the U.S. Department of Justice. Richard Teng succeeded Zhao, and the new CEO pointed to a “greater maturity” in the company’s operations.
