Indian crypto exchange WazirX released its proof of reserves report and with that disclosed that 90% of its user assets are held in Binance wallets.

CoinGabbar, a third party platform that tracks crypto assets, released WazirX's proof of reserves. At the time of writing, WazirX had $285 million of total user assets, displayed in the form of stablecoin USDT, which is pegged to the U.S. dollar. Of the total user assets, around 92% or $259.07 million was held in Binance wallets, with $26.45 million being held in other exchanges.

(By Amitoj Singh)