Binance, one of the leading cryptocurrency exchanges, has released its updated Proof-of-Reserve (PoR) report for March 2024, showcasing its impressive holding of 67.67 trillion Shiba Inu (SHIB) tokens.
The report reveals that Binance held billions of dollars’ worth of crypto assets, including Shiba Inu (SHIB), during the audit conducted on April 1, 2024, at 00:00 (UTC).
What’s particularly noteworthy is that Binance’s reserve of Shiba Inu surpasses the deposits made by its users by 3.59%. The data shows that while Binance customers had a net balance of 65.32 trillion SHIB tokens, the exchange itself boasted a reserve of 67.67 trillion SHIB tokens.
This indicates that Binance collateralizes its users’ Shiba Inu deposits at a ratio of 103.60%. With the current trading value of SHIB at $0.00002894, the users’ deposits are valued at $1.89 billion, while the exchange’s SHIB balance is valued at $1.96 billion.
The latest report reveals a slight decrease in both Binance’s and its customers’ net balances compared to the figures recorded in January. As of February 1, Binance had a net balance of 69.4 trillion SHIB with a collateralization ratio of 103.6%.
Binance implemented its Proof-of-Reserve (PoR) system for Shiba Inu in February 2023, following the widespread adoption of the cryptocurrency on the exchange. At present, Binance’s PoR system covers 31 of the most widely adopted crypto assets on the platform.
In addition to Shiba Inu, Binance also provided information on the collateralization ratios for other top crypto assets such as Bitcoin (BTC) and Ethereum (ETH). The collateralization ratio for Bitcoin stood at 104.46%, while for Ethereum, it was 103.58%.
Binance users currently hold 568,788.919 BTC worth $41.09 billion, while the exchange itself maintains a net balance of 594,136.021 BTC valued at $42.92 billion. Similarly, Binance users hold 4,446,480.486 ETH worth $16.04 billion, while the exchange has a balance of 4,605,595.896 ETH valued at $16.61 billion.
It’s important to note that Binance is currently preparing to implement a new know-your-customer (KYC) measure by April 20, which could potentially impact its crypto holdings. After the policy is implemented, users who have not completed the exchange’s KYC requirements will no longer have access to their sub-accounts on the platform.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
