Binance, a leading cryptocurrency exchange, has released its updated Proof-of-Reserve (PoR) report for March 2024, highlighting its impressive holding of 67.67 trillion Shiba Inu (SHIB) tokens.
The report, based on an audit conducted on April 1, 2024, at 00:00 (UTC), revealed that Binance possesses billions of dollars’ worth of crypto assets, including Shiba Inu (SHIB).
One noteworthy aspect of the report is that Binance’s Shiba Inu reserve surpasses the deposits made by its users by 3.59%. The data shows that while Binance customers’ net balance amounted to 65.32 trillion SHIB tokens, the exchange itself has a reserve of 67.67 trillion SHIB.
This indicates that Binance ensures the collateralization of its users’ Shiba Inu deposits at a ratio of 103.60%. With the current trading value of SHIB at $0.00002894, the users’ Shiba Inu deposits are valued at $1.89 billion, while the exchange’s SHIB balance is estimated at $1.96 billion.
Comparing the latest report to the figures recorded in January, both Binance and its customers’ net balances have experienced a slight decrease. As of February 1, Binance had a net balance of 69.4 trillion SHIB, with a collateralization ratio of 103.6%.
Binance, along with other major exchanges, started publishing monthly reports showcasing their proof of reserves for selected assets following the dramatic collapse of FTX. This move aimed to demonstrate that these exchanges indeed hold customer assets intact.
In response to the growing popularity of Shiba Inu on Binance, the exchange incorporated SHIB into its PoR system in February 2023. Currently, Binance’s PoR system covers 31 of the most widely adopted crypto assets on the platform.
The report also highlights the collateralization ratios for other prominent crypto assets such as Bitcoin (BTC) and Ethereum (ETH). Binance indicates that the collateralization ratios for Bitcoin and Ethereum stand at 104.46% and 103.58%, respectively.
For Bitcoin, Binance users hold 568,788.919 BTC worth $41.09 billion, while the exchange maintains a net balance of 594,136.021 BTC, equivalent to $42.92 billion.
Similarly, Binance users have deposited 4,446,480.486 ETH ($16.04 billion), whereas the exchange possesses a balance of 4,605,595.896 ETH ($16.61 billion).
Looking ahead, Binance is preparing to implement a new know-your-customer (KYC) measure by April 20. This implementation could potentially impact the exchange’s crypto holdings, as users who have not completed the KYC requirements will no longer have access to their sub-accounts on the platform.
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