Binаnce reported 588k bitcoins in user reserves

Cryptocurrency exchange Binаnce reported 588 thousand bitcoins in user reserves

Users of the crypto exchange have accumulated 3.89 million Ethereum on the platform, according to a proof-of-reserves report

Cryptocurrency exchange Binance has conducted another audit of reserves held on the exchange, reporting user reserves of more than 588,000 bitcoins (BTC) and 3.89 million Ethereum (ETH), according to a proof-of-reserves report.

Users also hold 30.2 million BNB on the platform. Exchange customers' assets in Tether USD (USDT) stablecoin exceeded $15.4 billion, up 1% from the last audit.

At the same time, USD Coin (USDC) stablecoin is much less in demand among users, the volume of the coin is $1.01 billion. This figure is 15 times less than the volume of USDT on the platform.

Proof of Reserves (Proof of Reserves) - data on the custody of client assets on cryptocurrency exchanges. Binance first released this report in November 2022. The document allows cryptocurrency owners to make sure that the cryptocurrency exchange stores all assets in full and provides them with the right reserves.

On September 6, the crypto exchange Binance left two top managers at once amid pressure on the company from financial regulators in the United States and Europe. Binance's Eastern Europe director Gleb Kostarev and CIS director Vladimir Smerkis announced their departure on social media.

Binance had previously announced that it was considering a complete withdrawal from the Russian market. Over the past few months, Binance has consistently restricted opportunities for Russian users amid accusations of supporting sanctions circumvention.