Binance Reserve Proof: Conversion of Significant USDC Reserves to BTC and ETH During March to May
WikiBit 2023-08-09 13:56Binance converted a large amount of USDC reserves into BTC and ETH from March to May, and the reserves of various digital currencies exceeded 100%
On August 1st, Binance released its latest Proof of Reserves (PoR) report. The most recent reserve audit demonstrates that Binance holds sufficient
cryptocurrency
and cash to cover user funds. The net balance of Binance's assets compared to customer balances is above 100%.The PoR indicates that Binance's USDC balance decreased from over $3.4 billion on March 1st to around $23.9 million on May 1st. According to on-chain data, following the closure of Silvergate on March 12th, Binance began converting its USDC reserves into Bitcoin and Ethereum.
Twitter on-chain analyst Aleksandar Djakovic noted that Binance purchased approximately 100,000 BTC and 550,000 ETH between March 12 and May 1, totaling around $3.5 billion
The latest reserve audit indicates that Binance holds enough cryptocurrency and cash to cover user funds.
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