Binance, as one of the leading crypto exchanges, tried to exhibit transparency in its operations, especially on the security of customers’ funds. This led it to publish its proof of reserve (PoR) reports. However, the collapse of some firms like Celsius Network, FTX, and others has instilled fear and doubts about crypto exchanges and platforms. Investors lost confidence majorly in centralized platforms. Hence, most CEXs have taken to publishing their proof of reserve assets to indicate the safety of users’ funds. Related Reading: Solana: This Minor Hiccup Didn’t Discourage Investors From Acquiring SOL – Until Today Difference In Binance’s Reported BTC Holding Some revelations hint at the under-reporting of the Binance PoR assets. For example, according to on-chain data provider Glassnode, the crypto exchange balance shows a total Bitcoin holding of almost 584,600 BTC. But the exchange reported having about 359,300 BTC in its Proof of Reserves (PoR). This discrepancy of 200,000 BTC, Glassnode points out, shows an under-reporting of its BTC holdings. The difference is worth approximately $3.4 billion at the current market price. The Ethereum balance, as reporte ..
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