The world’s largest crypto exchange is expanding its proof-of-reserves system, detailing its eye-popping holdings of the popular altcoin Shiba Inu (SHIB).
In a new blog post, Binance says that it holds more than $63 billion worth of crypto assets on behalf of its users.
As of March 1st, the crypto exchange reports that it holds 76,737,751,676,039 SHIB worth more than $843.3 million in customer net balance or user funds.
Meanwhile, the crypto exchange has an on-chain balance of 78,546,133,520,601 SHIB worth over $863.2 million, indicating that Binance has more than enough Shiba Inu in their wallets to cover any and all customer withdrawals.
Crypto exchanges have been scrambling to release proof-of-reserves of reports after the high-profile implosion of FTX.
In late 2022, FTX halted customer withdrawals amid a bank run, which forced the platform to eventually file for bankruptcy.
In November, Binance released its initial proof-of-reserve report in an effort to provide transparency on user funds.
Earlier this year, the crypto giant said that it is the firm’s utmost responsibility to regain the trust of users and regulators following the developments that sent shockwaves throughout the entire industry last year.
Binance assured its users that their assets are secured on a 1:1 basis and are “never used for unauthorized purposes.”
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Featured Image: Shutterstock/santoelia/WindAwake/Natalia Siiatovskaia
Source: https://dailyhodl.com/2023/03/08/78546133520601-shiba-inu-worth-863000000-now-held-by-binance-on-behalf-of-crypto-investors/