Connect with us


Binance reveals crypto holdings as part of its commitment to transparency



Binance reveals crypto holdings as part of its commitment to transparency
Source: Unsplash

  • Binance’s holdings add up to more than $47 billion
  • Changpeng Zhao previously called for other crypto exchanges to do merkle-tree proof-of-reserves

Binance, the world’s largest crypto exchange by market capitalization, has come through on its commitment to greater transparency among exchanges.

More than $47 billion in wallets

A day after announcing that it will start with proof-of-reserve in the interest of full transparency, the exchange tweeted its crypto holdings held in hot as well as cold wallets.

The holdings include 475,000 BTC, 4.8 million ETH, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC, in addition to 58 million worth of BNB. 

As per the market rate of these tokens at the time writing, Binance’s holdings add up to more than $47 billion. These holdings were recorded at 12:00 a.m. UTC on 10 November. The tokens are available on various networks including BTC, ETH, TRX, BNB among others.

This update was followed by a detailed report of Binance wallet’s contents. “This is a starting point while we work to create a Merkle tree POF that we will share with the community in the next few weeks. Our objective is to allow users of our platform to be aware and make informed decisions that are aligned with their financial goals.” the report stated.

Binance’s commitment to transparency

Changpeng Zhao previously called for other crypto exchanges to do merkle-tree proof-of-reserves, saying that exchanges should not run on fractional reserves like banks do.

Speaking on the holdings disclosure, CEO Changpeng Zhao revealed that the current report only covers six of the 600 coins that his exchange currently holds. “This is while we are waiting for the proof-of-reserves to finish. Waiting on a vendor that everyone uses. But it seems like may take weeks, we might try to find someone else.” he tweeted

Binance’s disclosure regarding its reserves comes a day after the exchange revealed that it had topped up its Secure Asset Fund for Users (SAFU) balance to $1 billion.

The proof-of-reserve and the SAFU top up are efforts to calm down the community that is currently engulfed by FUD due to the turmoil in the market. 

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.