Binance’s Proof of Reserve 11: BTC Up, ETH Down, USDT Drops!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Oct 5, 2023 20:31

Binance, one of the world’s largest cryptocurrency exchanges, has released its latest proof of reserve report. According to the report, as of October 1st, users held 588,000 Bitcoin (BTC) on the platform, which is a 0.12% increase from the previous month. However, the number of Ether (ETH) held by users decreased by 1.6% to 3.83 million. Meanwhile, the number of tethers (USDT) held by users decreased by 0.8% to 15.31 billion. This report is the eleventh time Binance has released a proof of reserve, which is intended to provide transparency and confidence in the platform’s operations.