Following OKX, Bitcoin exchange Binance also released its 39th Proof of Reserves Report! Here are the details
Binance, one of the world’s largest cryptocurrency exchanges, has released its 39th Proof of Reserves (PoR) report, based on a snapshot from February 1st. The report highlighted the monthly changes in user assets.
According to the data, users’ total Bitcoin (BTC) holdings on the platform have reached approximately 639,000 BTC. This figure represents a 0.41% increase compared to the previous snapshot on January 1st. A net increase of approximately 2,614 BTC was recorded in BTC balances.
Ethereum (ETH) also saw a decline. Users’ total ETH holdings were reported at approximately 4.18 million ETH, a 3.74% decrease compared to the previous month. The decline in ETH balances was calculated at approximately 162,469 ETH.
A similar trend was observed in Tether (USDT) balances. Users’ total USDT holdings stood at approximately 36.8 billion USDT. This represents a 3.07% decrease on a monthly basis, or a reduction of approximately 1.16 billion USDT.
Proof of Reserves (PoR) reports aim to demonstrate that exchanges have sufficient reserves to match user assets on a one-to-one basis. Binance states that it aims to increase transparency and strengthen investor confidence through its regularly published PoR reports.
*This is not investment advice.
Continue Reading: Following OKX, Bitcoin exchange Binance also released its 39th Proof of Reserves Report! Here are the details
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