Despite obstacles in the market and regulations, Binance continues to be the preferred option for investors looking for a centralized exchange. Its recent Proof of Reserves update confirms its position by revealing that it holds significant 79 trillion Shiba Inu (SHIB) tokens and over 2.69 billion XRP.
Binance recently unveiled its updated Proof of Reserves report, underscoring that the exchange maintains a 1:1 ratio of user deposits. Like previous reserve disclosures, the report confirms that all customer holdings across various assets are held at overcollateralized ratios, emphasizing the commitment to safeguarding user funds.
Wu Blockchain, a prominent journalist, shed further light on Binance’s recent asset changes. They reported,
“Binance released the eighth asset reserve certificate (snapshot date 7-1), the user’s BTC asset deposit decreased by 3.6% compared with the previous (6-1), a decrease of 22,000 BTC; the user’s ETH asset deposit decreased by 4.4%, a decrease of 192,000 ETH; user BNB asset accumulation increased by 6.6%, an increase of 1.83 million BNB; user USDT asset accumulation decreased by 9.45%, an increase of 1.61 billion USDT.”
Based on current rates, the exchange’s Proof of Reserves data reveals an impressive amount of Shiba Inu balances on the exchange, totaling a staggering 77 trillion SHIB tokens valued at $581.8 million. The latest PoR disclosure also highlights exchange substantial holdings of 2.69 billion XRP, with a total value of $1.29 billion.
Binance’s XRP Balance and Customer Holdings
Binance’s net XRP balance represents 103.92% of the total customer holdings on the platform, which currently stands at 2.59 billion XRP. Despite facing legal pressures from the U.S. SEC lawsuit, investors have maintained their XRP holdings. Interestingly, while customers’ XRP balances have increased over the past three months, Binance’s XRP balance has decreased. The exchange held 2.7 billion XRP in March, while customers held 2.58 billion XRP.
On the other hand, Binance’s Shiba Inu token reserves remain robust, with 79.15 trillion SHIB currently worth $597.5 million. This equates to Binance holding 102.71% of the SHIB balances held by customers, employing an overcollateralized ratio to fortify the security of user funds.
Despite regulatory issues and fear, uncertainty, and doubt surrounding the exchange, Binance customers’ SHIB balances have grown over the past three months. Customers held 76.7 trillion SHIB three months ago, while the exchange held 78.5 trillion SHIB. Recent data indicates that these balances have continued to increase.
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