Binance, the world’s largest crypto exchange by trade volume, holds a whopping 2.8 billion XRP as reserves, while its customers hold 2.7 billion XRP.
Binance, the world’s largest crypto exchange, has shared its up-to-date Proof of Reserves (PoR) report, providing transparency into the company’s crypto holdings.
Binance’s updated PoR report shows that the leading exchange holds a significant amount of XRP. According to data on the platform, the exchange’s PoR was audited on August 1, 2023, at 00:00 UTC.
Currently, Binance holds a net balance of 2,806,681,733.985 (appr. 2.8 billion) XRP. However, Binance’s customers hold a combined 2,711,777,813.604 (appr. 2.7 billion) XRP as balances across their accounts.
This suggests that Binance holds a slightly larger amount of XRP than its users. Consequently, the ratio of customer net balance to Binance’s net balance for XRP was approximately 103.5%.
Binance’s decision to hold more XRP than its customers indicates that the exchange can guarantee sufficient liquidity and manage its risk profile.
The move also confirms that Binance has sufficient funds to cover its users’ XRP balance on 1:1.
It is worth noting that Binance has been sharing its crypto holdings since the collapse of the cryptocurrency exchange FTX. The latest report is the ninth time the exchange will divulge its most up-to-date asset reserves.
Last month, Binance had a net balance of approximately 2.69 billion XRP, with a 104% ratio of customer net balance to its net balance.
The recent PoR disclosure, which indicates that customers now hold 2.7 billion XRP, suggests that Binance’s customers have continued to increase their XRP holdings, augmenting their cumulative balance by over 100 million XRP over the past month.
Unsurprisingly, XRP has gained widespread adoption in the past few weeks. This comes after US District Judge Analisa Torres ruled that XRP itself is not a security.
The ruling made XRP the only large-cap altcoin with regulatory clarity in the United States. Meanwhile, XRP is changing hands at $0.617, down 2.7% over the past 24 hours, data on CoinGecko shows.
Binance also holds a substantial amount of Bitcoin (BTC) and Ethereum (ETH) as reserves. According to the data, Binance holds 621,631 BTC and 4.17 million ETH.
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