Binance, the world’s largest cryptocurrency exchange, has published the 23rd edition of its ongoing Proof of Reserves (PoR) snapshot.
The 23rd PoR report from Binance reveals that the crypto exchange holds a substantial amount of Shiba Inu (SHIB) tokens, reaffirming its significant SHIB holdings amidst various crypto assets on its trading platform.
According to the report, Binance has a net balance of 61,269,444,642,101 (approximately 61.27) trillion SHIB tokens as of October 1, 2024.
This volume exceeds its customers’ total SHIB deposits of 59.7 trillion SHIB tokens by approximately 2.63%. Of the 61.27 trillion SHIB tokens, Binance has entrusted 98,196,131,599 to a third-party custody service, leaving the exchange’s SHIB balance standing at 61.17 trillion as of October 1.
This overcollateralized reserve ratio of 102.63% indicates that Binance is holding more SHIB than required to cover all customer deposits, showcasing its commitment to securing users’ assets.
At the current trading value, the exchange’s SHIB reserves are estimated to be worth $1.07 billion, slightly higher than its users’ cumulative deposits, valued at approximstely $1 billion.
This PoR update comes amidst Binance’s efforts to maintain transparency and build trust following the FTX exchange collapse, which led to greater scrutiny of centralized exchanges. Binance, alongside other leading platforms, started publishing monthly PoR reports to demonstrate that they hold customer assets on a 1:1 basis. For Binance, SHIB is just one of the 31 different assets included in its PoR system.
Additionally, Binance’s latest reserves data shows it holds a substantial amount of other digital assets such as Bitcoin (BTC) and Ether (ETH). The platform’s BTC and ETH holdings currently stand at 636,229.479 BTC and 4,450,210.088 ETH respectively, with collateralization ratios of over 106.73% and 100.57%, respectively.
The PoR record for October also confirms Binance’s significant XRP holdings. The platform has a net balance of 2,940,799,808.852 XRP (approximately 2.94 billion XRP), which represents 100.66% of customer deposits for the crypto asset.
These figures illustrate Binance’s emphasis on user security through overcollateralized holdings, aiming to bolster confidence in its services despite facing ongoing regulatory challenges in various regions.