Binance Releases Results of Audit of its Reserves
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Binance has completed an audit of its reserves and announced that its holdings exceed the value of customer deposits.
As of February 1, the platform held 609,477 BTC and 4,353,718 ETH, while user deposits in these currencies reached 594,688 BTC and 4,163,085 ETH, respectively.
This over-collateralization was also observed in stablecoins, with USDT at 120% and USDC at 149%.
The minimum coverage value for the 31 assets reported was 100.01% for the CRV token of the Curve Finance DEX.
In its statement, Binance clarified that when discussing proof of reserves, they are referring to assets held specifically for users, ensuring a 1:1 ratio or more to cover all client assets.
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