Binance has released its latest Proof of Reserves (PoR) snapshot as of November 1, showing once again that all user funds remain fully backed, and in some cases, overcollateralized.
The report confirms Binance holds:
- 606,356 BTC with a reserve ratio of 102.11%
- 4.09 million ETH at 100.00%
- 37.88 million BNB at 112.95%
- 34.73 billion USDT at 107.45%
Each figure demonstrates that the exchange isn’t just meeting its obligations, it’s exceeding them.
Our #Binance Proof of Reserves (PoR) mechanism allows anyone to check that our user assets are backed 1:1.
Check out this month’s PoR here 👉 https://t.co/nspWeaiiO1 pic.twitter.com/THe2b08qo6
— Binance (@binance) November 7, 2025
A Transparent Look Inside Binance’s Reserves
Binance’s Proof of Reserves is one of the core systems that powers trust between the exchange and its users.
It’s a public-facing verification process that lets anyone confirm, independently, that every user deposit on Binance is fully backed 1:1.
In simple terms: for every Bitcoin, Ether, or stablecoin you hold on Binance, the company holds an equal (or greater) amount in reserve wallets.
This system isn’t new, but it’s one that Binance continues to refine and expand. The November snapshot reaffirms that the exchange’s reserves remain healthy, secure, and publicly verifiable.
How Proof of Reserves Works
Binance’s Proof of Reserves is built around cryptographic verification and public transparency.
Here’s the short version:
1. Merkle Tree Audits, Binance uses a Merkle Tree structure to map and record all user balances. Every individual account balance is a “leaf” on this tree. The Merkle Tree allows all balances to be organized, verified, and included in a single cryptographic proof without exposing private information.
2. Independent Verification, Each Binance user can verify their specific balance in the PoR system. Through their account dashboard, users can access a unique cryptographic record that links directly to the Merkle Tree. This makes it possible to independently confirm that their assets are included in Binance’s global reserves.
3. 1:1 Backing, Binance also makes public the wallet addresses holding its reserves. Each token’s reserve ratio shows how much the exchange holds compared to total user balances. A ratio above 100% means Binance holds more than necessary to cover all customer deposits.
4. Regular Updates, These snapshots are not one-offs. Binance updates its Proof of Reserves every month so users can see changes in real time and track ongoing transparency.
Fully Backed, and Then Some
Looking closer at the numbers, Binance’s latest data shows a strong surplus across most major assets.
| Asset | Held in Reserve | Reserve Ratio |
| :——- | :————– | :———— |
| BTC | 606,356 | 102.11% |
| ETH | 4.09 million | 100.00% |
| BNB | 37.88 million | 112.95% |
| USDT | 34.73 billion | 107.45% |
The most overcollateralized of the group is BNB, with Binance holding nearly 13% more than user deposits.
Bitcoin also sits comfortably above 100%, a reassuring sign for traders who rely on the world’s largest exchange for both spot and derivative liquidity.
Even stablecoins like USDT, which often see rapid inflows and outflows, show an impressive 107% coverage.
It’s a strong signal that Binance is operating with full transparency and financial prudence, maintaining liquidity well beyond the baseline requirement.
A Tool for Transparency and Confidence
The Proof of Reserves system is more than a technical feature, it’s a trust mechanism.
After the industry shakeups of previous years, transparency has become non-negotiable. Users want proof that their funds are safe. Binance’s Merkle Tree verification gives them exactly that.
The idea is simple: show, don’t tell.
Rather than expecting users to take the exchange’s word for it, Binance gives them the tools to verify independently.
Anyone can check their own holdings against the total reserves without compromising their privacy.
This setup builds confidence not through promises, but through math and on-chain data.
What Makes Binance’s Approach Different
Many exchanges talk about transparency, but Binance’s PoR combines technical depth with open accessibility.
The Merkle Tree system ensures privacy protection, while on-chain wallet disclosure offers public accountability. Together, they form a dual verification layer, internal proof and external validation.
Moreover, the consistent monthly updates prevent the system from becoming static or outdated. Each snapshot reflects the current state of reserves, giving users a rolling window of financial health.
It’s not just about one good report, it’s about continuous visibility.
For the average trader, this might sound like background noise. But it’s a cornerstone of security.
Without Proof of Reserves, users would have no way to confirm if exchanges truly hold what they claim. Binance’s system closes that gap entirely.
By releasing these reports regularly, Binance reinforces a key principle: user funds must always be verifiable, recoverable, and protected.
That’s the foundation of a healthy exchange ecosystem.
As the crypto industry matures, systems like Binance’s PoR are setting new standards for exchange transparency.
They’re not just accounting tools, they’re part of a shift toward on-chain verifiability.
In the long term, this could evolve into an industry-wide baseline. Exchanges that can’t provide real-time proof of reserves may struggle to maintain user trust.
Binance’s consistent updates position it ahead of that curve, proving that financial integrity and user confidence can coexist in a competitive environment.
Verifiable Proof, Public Ledger
The strength of this system is that it doesn’t rely on hidden audits or third-party statements.
Every balance connects through cryptography to public wallet addresses. The math can be checked by anyone, anywhere, anytime.
For users, that means no blind trust, only verifiable proof.
And for the market, it means an ongoing commitment to transparency and accountability that’s visible on-chain.
The November Proof of Reserves snapshot shows a simple truth: Binance holds more than enough to cover every user deposit.
- 102% coverage for BTC.
- Full 1:1 backing for ETH.
- Over 112% coverage for BNB.
- 107% coverage for USDT.
In an industry built on trust and code, Binance is choosing to show both.
For users, that means assurance. For the broader crypto ecosystem, it’s another sign that transparency is no longer optional, it’s the standard.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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