Binance assures that there is absolutely no debt in the company’s asset structure:
“By confirming reserves, we mean assets that are held for users. There is evidence that Binance has funds that cover clients' assets in a 1:1 ratio.”
According to the Binance report, the platform now owns 594,136 BTC and 4.6 million ETH. The exchange's client accounts hold 586,218 BTC and 4.45 million ETH. Thus, company representatives conclude that user funds in bitcoins and ether are secured by 104.4% and 103.5%, respectively.
Client funds in most stablecoins are, as before, 110% backed. For Tether's USDT asset, this figure is 113.9%, for TUSD – 585.3%, and for BUSD – 480.4%. Coverage of client assets in HFT, MASK, CHR, APT, UNI, GRT, CRV, MATIC, DOGE and other coins is also more than 100%, according to the report.
This is the seventeenth Proof of Reserves report for the world's largest cryptocurrency exchange. Similar audits are carried out by other platforms, for example, KuCoin, OKX.
Binance previously notified corporate partners that it would limit access to sub-accounts and potentially freeze accounts that did not pass the know-your-customer (KYC) security check.
Source: Bits
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