Binance has sought to reassure its customers with a proof of reserves snapshot, which its users can now independently verify. The crypto exchange has shared the proof of its latest reserves snapshot – which was shared on 31st October – so that Binance customers holding Bitcoin, Etherum, Tether, BNB, Solana, USD Coin, XRP, USD1, Ripple USD, or Zcash can independently verify their balances on the platform are backed at a minimum ratio of 1:1.
Binance shares proof of reserves data with customers
UKPulse Money DeskBinance has shared its latest reserves snapshot to reassure customers that their balances are backed at a minimum ratio of 1:1.
- Binance has covered approximately 95% of the impacted amount from the $6.3bn hack.
- The outstanding 5% consists of tokens not included in the top ten listed above, which are less liquid and take longer to source at the required scale.
Why this matters: This move aims to restore trust in the platform and prevent further withdrawals.
What this means for you: If you're a Binance customer, you can now independently verify your balances and have some assurance that they are backed at a minimum ratio of 1:1.