TL;DR
- Asset Decline: Binance’s holdings of BTC, ETH, and USDT have decreased by 1.58%, 1.37%, and 3.16% respectively from the previous month.
- BNB Increase: Despite the overall decline, Binance’s BNB holdings increased to 42.572 million, up from 40.707 million in September.
- Transparency Efforts: The report underscores Binance’s commitment to transparency, aligning with industry standards for proof of reserves to build trust within the crypto community.
Binance, the world’s largest cryptocurrency exchange by trading volume, has released its 23rd proof of reserves report, providing a detailed snapshot of its assets as of October 1st. The report reveals a noticeable decline in user assets compared to the previous month’s snapshot taken on September 1st.
Key Holdings and Changes
The exchange’s holdings include 596,000 BTC, 4.4 million ETH, and 21.41 billion USDT. These figures represent a 1.58% decline in BTC, a 1.37% dip in ETH, and a 3.16% decrease in USDT holdings from the previous month. Despite these declines, Binance’s holdings in Binance Coin (BNB) have increased to 42.572 million, up from 40.707 million in September.
Other Notable Assets
Binance also holds significant amounts of other cryptocurrencies. The exchange’s Solana (SOL) holdings are reported at 32.4 million coins, down from 32.892 million in September.
The FDUSD stablecoin balances have also decreased to 2.177 billion from 2.225 billion. Additionally, Binance holds 2.921 billion XRP, a slight increase from the previous month’s 2.756 billion XRP. The exchange’s USDC holdings have also seen a minor decline, settling at 1.497 billion from 1.518 billion.
Industry Standards and Transparency
The publication of proof of reserves reports has become an industry standard for crypto exchanges, especially after the collapse of the FTX exchange due to mismanagement of user funds. These reports, audited by third parties, aim to provide transparency and build trust within the crypto community.
OKX’s Proof of Reserves
In related news, OKX Exchange also published its 23rd proof of reserves snapshot on September 16th. The report shows that OKX holds 136,211 BTC, 1.597 million ETH, 5.862 billion USDT, 1.071 billion USDC, 227.7 million XRP, 3.6 million SOL, 3.852 billion DOGE, and 194.6 million OKB. These reports highlight the ongoing efforts by major crypto exchanges to maintain transparency and reassure users about the security of their assets.
