DEV Community

Cover image for Confirmed reserves on the Binance exchange exceed a ratio of 100%
Andy Larkin
Andy Larkin

Posted on

Confirmed reserves on the Binance exchange exceed a ratio of 100%

The latest Proof of Reserves (PoR) report from Binance shows that the net balances of XRP clients amount to over 2.7 billion tokens (over $1.5 billion at current rates). The net balances of the exchange, in turn, amount to over 2.8 billion in assets, corresponding to a ratio of 104.26%.

The Proof of Reserves system is designed to ensure transparency and build trust among Binance users by demonstrating that the company is capable of covering the balances of all clients on a 1:1 basis.

In other words, this guarantees that client funds are fully backed, which is particularly important given the bankruptcy of some major cryptocurrency exchanges, including FTX, which commingled client assets with its own.

The net balances of the trading platform in Bitcoin and Ethereum also have positive ratios, amounting to 103.79% and 106.56%, respectively.
Among other cryptocurrency exchanges that have published similar reports in recent months are Crypto.com, Kraken, OKX, and others.

Sentry image

Hands-on debugging session: instrument, monitor, and fix

Join Lazar for a hands-on session where you’ll build it, break it, debug it, and fix it. You’ll set up Sentry, track errors, use Session Replay and Tracing, and leverage some good ol’ AI to find and fix issues fast.

RSVP here →

Top comments (0)

A Workflow Copilot. Tailored to You.

Pieces.app image

Our desktop app, with its intelligent copilot, streamlines coding by generating snippets, extracting code from screenshots, and accelerating problem-solving.

Read the docs

👋 Kindness is contagious

Please leave a ❤️ or a friendly comment on this post if you found it helpful!

Okay