Binance Confirms Surplus Asset Reserves

The cryptocurrency exchange Binance has released its latest audit Proof-of-Reserves, confirming a surplus in client fund reserves.

As of September 1, the trading platform held 647,106 BTC and 4,651,360 ETH. User deposits in leading cryptocurrencies amounted to 605,690 BTC and 4,486,359 ETH. Coverage reached 106.84% and 103.68% respectively.

In the stablecoin USDT, the over-collateralization was 112.82%, while for USDC it was 132.28%.

In November 2022, the company was the first among centralized exchanges to launch the Proof-of-Reserves initiative. Binance uses zero-knowledge proof technology, zk-SNARK, for verification.

Back in May, experts from Privacy Scaling Explorations identified a vulnerability in the exchange’s reserve audit mechanism, related to the lending function and the accounting of so-called dummy users.