Cryptocurrency exchange Binance released data on its reserves as of November 1.
The reserve data is an important resource for traders, investors, and industry analysts, as it not only demonstrates Binance's level of security and reliability but also contributes to the overall transparency and integrity of the cryptocurrency market.
The report, which is the 12th of its kind, shows that the exchange exceeds the 100% reserve ratio for XRP, Bitcoin (BTC), and Litecoin (LTC). Specifically, XRP reserves are 104.18% of client balances, BTC is 104.22%, ETH is 105.20%, LTC is 101.43%, BUSD is 133.6%, USDC is 103.7%, USDT is 118.83%, and BNB is 111.41%.
These data indicate that Binance is able to provide payouts in the face of moderate fluctuations in asset values. It also serves as a guarantee that the exchange will be able to meet its obligations to its users, especially in the case of abrupt withdrawals or unforeseen market events.
Notably, Binance's BTC reserves decreased by 0.7% to 584,000 coins, while ETH reserves increased by 2.2% to 3.91 million coins.
By demonstrating 100% reserve coverage, Binance aims to build trust with its users, especially as many traders and investors are becoming increasingly wary of centralized platforms.
Also read: Coinbase urges holders of Bitcoin SV to withdraw their assets.
