Binance, the largest cryptocurrency exchange by trading volume, has published its 23rd proof of reserves report, dated October 1st.
This latest snapshot indicates a decline in user assets compared to the previous month. Binance’s primary holdings remain Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
The decline in Bitcoin and Ethereum holdings
According to the report, Binance currently holds 596,113.426 BTC on behalf of its users, reflecting a decrease of 1.58% from the previous snapshot on September 1st. The exchange also reported its Ethereum holdings at 4.425 million ETH, marking a 1.37% decline from last month’s figures. User funds in USDT have settled at 21.41 billion, down by 3.16%. The report highlights a concerning trend in the crypto market as user assets diminish.
Source: Binance
Other Cryptocurrency assets held by Binance
In addition to its significant holdings, Binance manages user funds in various other cryptocurrencies. The exchange’s Binance Coin (BNB) holdings have increased to 42.572 million, up from 40.707 million in September. However, Binance’s Solana holdings have decreased to 32.4 million coins compared to 32.892 million from the previous month. The snapshot also reports 2.177 billion in FDUSD, a slight decrease from 2.225 billion in September. XRP balances have shown an uptick, with Binance now holding 2.921 billion XRP, an increase from 2.756 billion. Conversely, the USDC balance has decreased from 1.518 billion to 1.497 billion.
OKX releases 23rd proof of reserves report
Following Binance’s report, OKX released its 23rd proof of reserves snapshot, published on September 16th. The report indicates that OKX holds a significant portion of its assets in Bitcoin, Ethereum, and Tether’s USDT. Specifically, OKX reported 136,211 BTC and 1.597 million ETH. The exchange’s USDT holdings are notably higher at 5.862 billion.
OKX’s USDC balances also stand at 1.071 billion, with XRP holdings reported at 227.7 million. The exchange also has 3.6 million Solana and 3.852 billion Dogecoin reserves. OKX’s holdings of its native token, OKB, amount to 194.6 million coins. These figures underscore OKX’s strong liquidity position amidst an evolving market landscape.
The release of these proof of reserves reports by both Binance and OKX emphasizes the importance of transparency in the cryptocurrency industry. As exchanges navigate market fluctuations, these snapshots provide crucial insights into the platforms’ financial health and ability to manage user assets effectively. With user confidence being paramount in the wake of the FTX collapse, such reports serve as essential tools for accountability in the crypto sector.