Binance publishes zero-knowledge Proof of Reserves update covering six assets
In brief
- Binance announced a new zero-knowledge proof for its Proof of Reserves system on November 14.
- Users can independently verify 1:1 backing of their account balances, the exchange said.
- Bitcoin reserve ratio was self-reported at 100.05%: about 688,283 BTC against 687,912 BTC in user balances.
- The proof covers assets held in custody for users, not Binance's entire corporate holdings.
What Binance published
Binance shared snapshots that it said show reserves above users' net account balances across six major cryptocurrencies. These are the exchange's own numbers from its November 14 announcement (as relayed by U.Today), and that's how they're presented here.
Bitcoin is the headline figure. Binance reported a BTC reserve ratio of 100.05%, with reserves of about 688,283 BTC against net user balances of 687,912 BTC. Ethereum came in at 100.02%, BNB at 100.39% and USDC at 100.07%.
The other two ran higher. Binance put USDT at about 104.34% and SOL at 105.86%.
Every one of the six ratios sat above 100%.
What the proof does (and doesn't) cover
Binance specified that the Proof of Reserves covers assets it holds in custody on behalf of users, rather than its entire corporate holdings. That's an important limit. It's a check on customer funds sitting on the exchange, not a view of the company's full balance sheet.
The zero-knowledge proof is the new piece. Binance said it's what allows users to verify the 1:1 backing on their own, instead of relying only on the exchange's published totals.
The backdrop
The update follows a security incident. U.Today reported that Binance suffered a cyberattack late last month, and Binance said the new update covers all assets affected by the recent attack.
U.Today, which describes Binance as the world's largest crypto exchange by volume, also reported that withdrawals are being restored in batches, with the last phase scheduled for next week.
Frequently asked questions
What does Binance's Proof of Reserves update cover?
Binance said the Proof of Reserves covers assets it holds in custody on behalf of users, not its entire corporate holdings. The exchange said the update also covers all assets affected by a recent attack. Snapshots were published for Bitcoin, Ethereum, Tether, BNB, Solana and USDC.
What reserve ratios did Binance report?
Binance self-reported ratios of 100.05% for Bitcoin, 100.02% for Ethereum, 100.39% for BNB, 100.07% for USDC, about 104.34% for USDT and 105.86% for SOL. It put Bitcoin reserves at about 688,283 BTC against net user balances of 687,912 BTC.
