Binance releases new proof of reserves

Binance, the world’s leading exchange, announced its 14th Proof of Reserve (PoR).

The latest snapshot on January 1 shows strong growth in user assets, which is likely to boost investor and user confidence at large.

Updated Binance Proof of Reserves

Data shows a significant increase in holdings of major cryptocurrencies. User Bitcoin assets increased to 575,000, an increase of 2.65%, equivalent to an additional 14,850 BTC. Likewise, ETH holdings increased by 2.9% to 4 million coins. It is worth noting that USDT has increased by 4.45% and currently reaches 16.8 billion.

Binance’s 14th Proof of Reserves Report | source: Binance

PoR is important in the cryptocurrency industry as a verifiable guarantee that any exchange has sufficient reserves to support user assets on a 1:1 basis, as well as other additional reserves. This system is important to ensure that for every Bitcoin a user deposits, the exchange’s reserves are increased accordingly, providing protection against potential financial crises.

It’s worth noting that these figures do not include Binance’s holdings, which the company manages separately. However, Binance has been accused of commingling user funds with company assets.

2023 will be a challenging year for Binance due to various legal controversies. In November 2023, it agreed to pay a $4.3 billion fine to settle a lawsuit with U.S. regulators. Additionally, co-founder and CEO Changpeng Zhao had to resign after pleading guilty to money laundering charges.

The company is still trying to get the SEC lawsuit dismissed.Meanwhile, Binance Announce Last year, the company invested $213 million in compliance programs.

“We put compliance first. In 2023, we invested $213 million in compliance programs, a 35% increase from last year ($158 million). We will also continue to invest in leading identity verification (KYC) ) product providers and solutions.” said Binance CEO Richard Teng explain.

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According to Beincrypto