Binance reports on reserves of $69 billion
The publication of the data is intended to increase confidence in the industry after the collapse of the FTX exchange
10.11.2022 - 14:30
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What’s new? Cryptocurrency exchange Binance has published data on the composition of reserves. In total, the company’s hot and cold wallet addresses hold more than $69,39 billion worth of digital assets. Earlier, in the wake of the FTX crypto exchange crash, Binance CEO Changpeng Zhao called on the management of other trading platforms to make their balance sheet data public to increase transparency and trust in the industry.
What kind of reserves does the exchange have? As of November 10, 00:00 UTC, Binance had the following assets on its addresses:
~ 475 000 BTC ($7,88 billion)
~ 4,8 million ETH ($5,77 billion)
~ 17,6 billion USDT
~ 601 million USDC
~ 21,7 billion BUSD
~ 58 million BNB ($16,1 billion)
The page also includes a list of all addresses affiliated with the crypto exchange. The company noted that the full set of data will be provided later in a detailed report on the results of the audit. Representatives of Binance also stressed that they have topped up the Secure Asset Fund for Users (SAFU) to the total amount of $1 billion.
On November 9, crypto exchanges OKX, Huobi, KuCoin, and Gate supported Binance’s initiative to regularly confirm reserves. Representatives of OKX and KuCoin announced that they would start publishing reports in the next 30 days. Gate shared the results of the audit, according to which the platform reserves are 108% of total user BTC assets and 104% of customers’ ETH assets in reserves. Huobi noted that it is already publishing reports and will continue to do so in the future, and offered to provide an exchange of a number of tokens for FTX’s affected customers.
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