Binance, the world’s largest cryptocurrency exchange, has released its 25th Proof of Reserves report. The report provides information about user assets and market trends. According to the report, Binance’s Bitcoin reserves decreased by 4.68%. Ethereum reserves, on the other hand, increased by 5.24%, showing an increase in the second largest cryptocurrency. Tether reserves showed a large increase, rising to $25.22 billion. Binance Coin reserves decreased by 2.15%. Here are all the details…
What has changed in the Binance reserve? Here’s the data for Bitcoin and 3 altcoins
Binance, the world’s largest cryptocurrency exchange by trading volume, has published its 25th Proof-of-Reserves (PoR) report dated December 1, 2024. The latest data highlighted significant changes in the platform’s asset reserves compared to the previous month. The exchange continues its efforts to demonstrate transparency and accountability, reassuring users that they can meet withdrawal requests at any time. The PoR process is also on the agenda to prove this.
The Proof of Reserves report shows notable changes in four main assets held by Binance users. First, Binance reported 580,111 BTC in user assets as of December 1. This represents a decrease of 28,475 BTC compared to November 1. On the other hand, Ethereum reserves increased significantly to 4.945 million ETH. This represents an increase of 246,174 ETH or 5.24%. There are also dramatic changes in the popular stablecoin Tether. Over the past month, Bitcoin’s record-breaking run and positive impact on other cryptos has boosted coin activity. This has benefited stablecoins the most. Because users mostly transact in USDT.
As a result, Binance’s USDT reserves saw dramatic growth, rising by $4.365 billion month-on-month to $25.22 billion. Binance Coin reserves also saw a modest decline as user holdings fell by 814,909 BNB to 37.12 million. This means a decrease of 2.15%
Billions of dollars more
According to DefiLlama, Binance’s net change in reserves across all assets increased by $4.472 billion compared to November. Binance’s Proof-of-Reserves system has been a key component of its transparency initiatives since 2022. The cryptocurrency industry has become a playground for the dishonest, as evidenced by the actions of the executives and owners of FTX, the crypto exchange that collapsed in November 2022 after widespread fraudulent practices were exposed. FTX did not hold assets in reserve for its clients or employ third-party auditors to scrutinize its financial practices, easily fooling its clients that all was well at the once-popular exchange. Therefore, many cryptocurrency platforms provide proof of reserves on a monthly basis to reassure users.
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