Binance Releases Proof of Reserves Showing 101% Backing for $9.5B in Bitcoin Deposits

Binance, the world’s largest Centralized Exchange (CEX), has published its Proof of Reserves showing that customers’ bitcoin balances are backed on-chain at a more than one-to-one ratio.

According to the announcement from Binance, customers have deposited about $9.5 billion in BTC in the exchange, which accordingly maintains $9.6 billion in BTC in on-chain reserves.

“Following our recent announcement outlining our commitment to transparency, Binance is releasing its Proof of Reserves (PoR) System, which is the next step in our effort to provide transparency on user funds,” Binance said. “The launch of this feature will start initially with BTC, with other tokens and networks being added in the next couple of weeks.”

(By Patrick)

Binance Crypto Proof of Reserves Bitcoin

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