Binance’s POR Reports: Transparency Amidst Legal Uncertainty

To start with Binance’s recent activity update, let’s recap why its market value is falling and how this holding report affects its health. 

Once a compliant cryptocurrency exchange, Binance is now in legal and operational trouble. The crypto community is concerned about Binance’s stability and role in the burgeoning cryptocurrency ecosystem because it failed to furnish the SEC with the requisite documentation and is uncooperative.

Due to this, Binance’s spot market share has plummeted dramatically. CCData, reported by Bloomberg, gives Binance a 34% market share. Hence, this holding report from Binance may be a step towards building investor faith. 

Data shows that Binance has lost $12,230 BTC and 198,200 ETH since August. Bitcoin is nearly half of the $1 trillion crypto economy, while Ether is 20%. Binance may be the next FTX, say Bitcoin fans. Even though its US holding is much smaller than its global proportion, Binance’s future is questionable. Any event can alter market sentiment.

Recently, Binance published its eleventh Proof-of-Reserve (POR) report to give a transparent, in-depth view of its holdings across diverse digital assets. This comprehensive report encompasses 385 cryptocurrencies, ranging from the widely known Bitcoin and Ethereum to the more niche Shiba Inu and Polygon.

Also Read: Max Keiser El Salvador’s Crypto Advisor Makes Bold Prediction Predict Bitcoin to Hit $220,000

XRP Holdings

With a 104.15% ratio, Binance protects users’ XRP holdings. The exchange has more than $1.43 billion in XRP, surpassing consumers’ $1.37 billion deposits. Notably, this ratio has shot up from the prior report, displaying a sustained trust in XRP’s exchange stability.

Bitcoin Holdings

In terms of Bitcoin, Binance maintains a healthy balance, with 616,394 BTC under its custodianship, valued at over $17 billion. In comparison, users have deposited 588,879 BTC. While users’ assets have increased slightly, the exchange’s overall Bitcoin holdings have experienced a marginal dip, a difference of 1,732 BTC or approximately $48 million.

Ethereum Holding

Interestingly, Binance’s Ethereum holdings rose almost 2% last month. The exchange has 4.109 million ETH, worth $6.73 billion. In comparison, users have given the exchange 3.83 million ETH worth $6.27 billion. Binance’s 17,186 ETH rise in Ethereum shows continuing accumulation and faith in the cryptocurrency.

Shiba Inu Holding

According to the eleventh POR report, Binance presently holds 76.8 trillion SHIB, down from 74.6 trillion contributed by users. This reduction means Shiba Inu fans withdrew 853 billion SHIB from last month’s exchange.

Litecoin and MATIC Holdings

Binance’s Polygon (MATIC) token portfolio to customers’ net balances dropped 2.5% from 119.86% to 117.16%. The exchange’s Litecoin (LTC) portfolio rose 1% since the last report.

Most assets have shown a decline and will worsen with SEC trials. Remember that Binance’s POR reports are self-verified and not audited. This shows the exchange’s transparency and responsibility in reporting its crypto holdings.