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.