Binance has published its updated Proof-of-Reserve (PoR) report for March 2024, boasting a holding of 67.67 trillion Shiba Inu (SHIB) tokens.
The report showed that the exchange held billions of dollars’ worth of crypto assets, including Shiba Inu (SHIB), at the time of the audit on April 1, 2024, at 00:00 (UTC).
Binance’s Shiba Inu Holdings
It is worth noting that the exchange’s Shiba Inu reserve exceeds users’ deposits by 3.59%. According to the data, while Binance customers’ net balance stood at 65,321,321,452,095.36 (65.32 trillion) tokens, the exchange boasts a reserve of 67,670,462,296,521 (67.67 trillion) SHIB.
This indicates that Binance collateralizes its users’ Shiba Inu deposits at a ratio of 103.60%. With SHIB trading at $0.00002894, the users’ Shiba Inu deposits are worth $1.89 billion, while the exchange’s SHIB balance is valued at $1.96 billion.
The latest report suggests that both Binance and its customers’ net balances represent a slight decrease from the figure recorded in January. As of February 1, Binance had a net balance of 69.4 trillion SHIB, with a collateralization ratio of 103.6%.
Binance PoR System
Following the epic collapse of FTX, Binance and other major exchanges published monthly reports showing their proof of reserves for selected assets. This move was an attempt from these exchanges to prove that they hold customer assets as is.
Amid the widespread adoption of Shiba Inu on Binance, the exchange added SHIB to its PoR system in February 2023. At the time of writing, Binance’s PoR system covers 31 of the most widely adopted crypto assets on the exchange.
Bitcoin and Ethereum Holdings
In the latest report, Binance also indicated that the collateralization ratio for top crypto assets like Bitcoin (BTC) and Ethereum (ETH) stood at 104.46% and 103.58%, respectively.
For Bitcoin, Binance users hold 568,788.919 BTC worth $41.09 billion, while the exchange maintains a net balance of 594,136.021 BTC ($42.92 billion).
Similarly, while Binance users hold 4,446,480.486 ETH ($16.04 billion) as deposits, the exchange boasts a balance of 4,605,595.896 ETH ($16.61 billion).
Meanwhile, Binance is preparing to implement a new know-your-customer (KYC) measure by April 20, which could impact its crypto holdings.
Following the implementation of the policy, users who have not completed the exchange’s KYC requirements would no longer gain access to their sub-accounts on the platform.
Read the full article here
