{"id":84155,"date":"2023-09-07T17:44:42","date_gmt":"2023-09-07T14:44:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84155"},"modified":"2025-09-12T15:39:18","modified_gmt":"2025-09-12T12:39:18","slug":"binance-reports-16-billion-in-bitcoin-reserves","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-reports-16-billion-in-bitcoin-reserves\/","title":{"rendered":"Binance reports $16 billion in Bitcoin reserves"},"content":{"rendered":"

The cryptocurrency exchange Binance has published its monthly proof-of-reserves report (PoR) \u2014 it holds 618,126 BTC (about $15.9 billion) on its balance sheet to back client deposits of 588,171 BTC (about $15.1 billion).<\/p>\n

\"105.09\"
Data: Binance<\/a>.<\/figcaption><\/figure>\n

Ethereum reserves are also over-collateralized by 5%. The most over-collateralized assets were MATIC (119%), USDT (118%), FDUSD (116%), BNB (114%) and CHZ (108%).<\/p>\n

The stablecoin BUSD, whose support will be discontinued by 2024<\/a>, has an excess of 7%.<\/p>\n

Notably, only 31 tokens out of 350 listed on the platform are included in Binance’s PoR.<\/p>\n

\n

\u201cWhen a user deposits one bitcoin, Binance’s reserves increase by at least one bitcoin to guarantee full backing of customer funds. It should be noted that corporate assets stored in a completely separate registry are not included,\u201d the exchange said.<\/p>\n<\/blockquote>\n

According to the company, the report aggregates all user balances from the Merkle Root hash, which consolidates account data from the Merkle Tree<\/a> into a single table for auditors.<\/p>\n

To conduct PoR, the exchange uses a special type zero-knowledge proof<\/a> \u2014 zk-SNARK. This approach does not permit leakage of customers’ personal data.<\/p>\n

In November 2022, Binance was the first among centralized exchanges Proof-of-Reserves<\/a>. The move followed a loss of trust after the collapse of FTX<\/a>. Subsequently, similar initiatives were implemented by Bitget<\/a>, OKX<\/a>, Gate.io<\/a> and Huobi<\/a>.<\/p>\n

A number of experts questioned the effectiveness<\/a> of such checks, noting that the metrics do not indicate the safety of users’ assets<\/a>.<\/p>\n

Earlier in April 2023, the crypto exchange OKX updated the procedure<\/a> for reserve verification by adding support for zk-STARKs<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance published its monthly proof-of-reserves report (PoR) \u2014 it holds 618,126 BTC (about $15.9 billion) on its balance sheet to back client deposits of 588,171 BTC (about $15.1 billion).<\/p>\n","protected":false},"author":1,"featured_media":84156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1371],"class_list":["post-84155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-proof-of-reserves"],"aioseo_notices":[],"amp_enabled":true,"views":"33","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=84155"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84155\/revisions"}],"predecessor-version":[{"id":84157,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84155\/revisions\/84157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/84156"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=84155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=84155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=84155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}