Binance publishes cold and hot wallet balances; Holds over $17 billion USDT

First cryptocurrency exchange, Binance has released its reserve balances, including cold and hot wallets. According to a Binance blog postthe statement is evidence of its continued commitment to transparency and fostering trust in the ecosystem.

The post shows that Binance holds major tokens such as Bitcoin (BTC), Ethereum, BSC, Binance Coin, and Tron. Moreover, these tokens are held on different networks, including BTC, ETH, BSC, BNB, and TRX.

Binance has $17.4 billion in USDT reserves

Although the post does not show data on all the tokens in its reserves, Binance specifically holds over 400,000 BTC, 4.8 million Ether, $17.6 billion USDT, $21.7 billion of BUSD, $601 million of USDC and 58 million of BNB worth $17.4 billion based on current data. prices.

Binance noted that the purpose of the balance statement is to educate its users and make informed decisions aligned with their financial goals.

Interestingly, this move is likely inspired by recent events that have hit the crypto ecosystem as rival exchange FTX shuts down shop after mismanaging user funds. In recent days, FTX has been unable to meet withdrawal requests from its users while its CEO, Sam Bankman-Fried (SBF), has declared bankruptcy.

Binance withdraws from acquiring FTX

Additionally, while Binance was tied to a decision to acquire FTX, the exchange announced on Wednesday, November 8 that it was support following due diligence that revealed irregularities in FTX’s books. FTX’s liquidity crunch has impacted several individual investors and VCs.

Additionally, exchanges like OKX suspended PERP SOL/USDT contracts as traders looked to take advantage of the downward price trend. Crypto.com has also suspended USDC and USDT withdrawals on the Solana chain.

Binance Proof of Reserve

Earlier this week, Binance CEO Changpeng Zhao (CZ) advised all crypto exchanges to implement Merkle-tree proof of reserves. CZ noted that while traditional banks have fractional reserves, crypto exchanges shouldn’t. He promised that Binance would soon do proof of reserves.

Meanwhile, through its CEO Rush Luton, crypto price aggregator CoinMarketCap has announcement that it will incorporate proof of reserves into its exchange algorithm ranking. The feature will likely boost the level of trust in crypto exchanges.

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