Binance releases its 23rd proof of reserves snapshot dated October 1st

Binance, the world’s largest crypto exchange by volume, released a snapshot of its financials in its monthly proof of reserves report. According to the report, the exchange’s user assets are down from the last month. The exchange’s largest holdings are BTC, ETH and USDT.

Binance reported having 596,113.426 BTC in its custody held on behalf of the exchange’s users. The figures represent a 1.58% decline in clients’ BTC holdings from the previous report dated September 1st. 

Binance’s ETH holdings dip by 1.37%

Binace’s proof of reserves report revealed the exchange holds 4.425 million ETH. The ETH figures are also down 1.37% from September’s snapshot. Binance’s user USDT holdings settled at 21.41 billion. The reported figures are down 3.16% from before.

The exchange also has user funds in other crypto assets, including Binance Coin BNB, Solana, First Digital Labs’ stablecoin FDUSD, Ripple’s XRP, and Circle’s stablecoin USDC. Binance’s BNB holdings are at 42.572 million, up from 40.707 million recorded in September.

The exchange’s Solana holdings were reported to settle at 32.4 million coins. These figures indicate the assets are down from September’s snapshot of 32.892 million. The report also revealed that Binance users held FDUSD stablecoin, with the asset’s net balances totaling 2.177 billion. The previous report denotes a decline in FDUSD balances from 2.225 billion.

October’s proof of reserves report highlighted that the exchange holds 2.921 billion XRP. The XRP figures have dipped since September’s snapshot, which showed that the exchange had 2.756 billion XRP. Circle’s USDC holdings declined from the 1.518 billion to 1.497 billion in the latest report.

OKX publishes its 23rd proof of reserve report

Proof of reserves are reports published by third-party auditors after a comprehensive analysis of a crypto company. Publishing proof of reserves has been an industry standard for crypto exchanges ever since the FTX exchange collapsed due to mismanagement of user funds. The FTX bankruptcy painted an ugly picture of crypto as a playground for dishonest participants, including executives and owners of crypto entities such as exchanges.

OKX Exchange also published its 23rd proof of reserves snapshot on September 16th. The report revealed the exchange held a majority of its holdings in Bitcoin, Ethereum, Tether’s USDT, Circle’s USDC, Ripple’s XRP, Dogecoin’s DOGE, Solana’s SOL, and OKB.

According to the snapshot, OKX reported having 136,211 BTC and 1.597 million Ethereum. OKX was also revealed to have 5.862 billion USDT in its custody. 

The exchange’s USDC holdings settled at 1.071 billion, and those of XRP stood at 227.7 million. The exchange reported Solana and Dogecoin holdings as 3.6 million and 3.852 billion, respectively. On the other hand, the exchange’s report indicates OKX holds 194.6 million OKB coins.