Binance Provides Proof of Reserves in Response to FTX Collapse – This is How Much Money They Have
The major crypto exchange Binance has revealed details about its reserves as nervousness started to spread in the crypto community following the collapse of rival exchange FTX.
According to the information Binance has revealed so far, the exchange held the following digital assets as of November 10:
In total, the current market value of these cryptoassets at the time of writing is close to $71bn.
The exchange stressed in an article published on its website that the above is “not a complete set of data,” and that further details will be shared in an upcoming full audit report.
In addition to the balance of the six major coins, the article also provided the specific wallet addresses that are under Binance’s control on the BTC, ETH, BSC, BNB, and TRX networks.
The same information was also shared by Binance CEO Changpeng (“CZ”) Zhao himself on Twitter. He added in a follow-up tweet that this list of addresses is tentative until a full proof of reserves has been completed, which he said “may take weeks.”
Binance added on its website that its so-called “SAFU fund,” an emergency insurance fund for users, has been topped up and now stands at $1b.
In addition to Binance, companies such as Crypto.com, Kraken, OKX, Deribit and a number of others have either published, or said they will publish, proof of reserves, after CZ first encouraged industry players to do so.
The latest update on Friday came from Crypto.com CEO Kris Marszalek, who shared his company’s wallet addresses directly in a Twitter thread. Like Binance’s CZ, Marszalek also stressed that the wallets represent only a portion of the reserves, and that a full proof of reserves report can be expected “in the next couple of weeks.”
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