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Binance Reveals BTC, ETH Muscle Plus Other Assets To Assure Investors It Has Adequate Reserves

Binance, the world’s largest cryptocurrency exchange, has revealed the details of its bitcoin and other crypto coin holdings. Disclosing the hot and cold wallet addresses is part of Binance’s commitment to transparency.

The crypto exchange also promised to share “Merkle tree proof of funds” within a few weeks. Binance’s major holdings include Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BSC), BNB tokens, and TRX.

According to the Binance data, it holds a massive 475K Bitcoins (BTC) worth around $7.89 billion while its ETH holdings are worth $5.79 billion.

The cryptocurrency exchange also holds $17.6 billion worth of USDT, $21.7 billion worth of BUSD, $601 million worth of USDC, and $40 billion-plus worth of stablecoins.

Binance opened a new page on its website on Thursday morning to show this update with the platform’s hot and cold wallet addresses and on-chain activity. The Proof of Assets included a snapshot of the contents of their wallets for the most common tokens as of Nov. 10 at 00:00 UTC.

The company’s new webpage contains addresses and information about 93 cryptocurrencies traded on the Binance platform. The data has been released two days after Binance founder and CEO Changpeng Zhao tweeted the company would establish a proof of reserve mechanism to ensure transparency to the crypto community to reassure all there are no liquidity issues like FTX.

However, many users on social media Reddit argued that this data will not make much sense without another list showing proof of liabilities on the part of Binance.

 

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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