Binance, the largest cryptocurrency exchange by trading volume, resolved significant concerns with U.S. authorities (excluding the SEC) in November, easing one of the major fears for investors. The latest proof of reserves indicates a positive outcome for investor confidence following the settlement.
Bitcoin’s price has surged past $45,000, with the market buoyed by both the anticipation of a spot Bitcoin ETF and the resolution of the Binance FUD. One of the biggest risks had been potential crippling penalties from the U.S. against Binance, but the exchange has now turned a new page.
Binance published its fourteenth Proof of Reserves, highlighting the importance of transparency in the wake of the FTX collapse, which eroded trust in centralized exchanges. This report provides verifiable on-chain evidence that investors’ crypto assets are secure and where they should be.
Data shows growth in Binance’s reserves post-settlement, affirming restored investor trust. Bitcoin holdings increased by 2.65% to 575,000, Ethereum by 2.9%, and USDT holdings by 4.45%, totaling 16.8 billion USDT on the exchange.
These figures exclude Binance’s corporate assets. Recent investigations have found no evidence of the exchange mixing customer assets with its own, dispelling major allegations. As the crypto market in 2024 starts positively with solid reserves and debt settlements, investors should remain cautious of potential negative surprises, especially as ETF excitement wanes and rumors of fewer Fed rate cuts could pressure risk markets.