News View Non-AMP

Inside Binance’s Crypto Holdings: Insights into SHIB, XRP, and More

Published by
Qadir AK

As of March 2024, Binance reported holding 67.67 trillion Shiba Inu (SHIB) tokens. This amount is more than users’ deposits by 3.59%, which indicates a collateralization ratio of 103.60%.

In spite of a slight decrease in the figures from January 2024, Binance customers and Binance witnessed a decline in the net balances.

Also, the platform holds over 3.13 billion XRP and 14.779 billion Dogecoin (DOGE).

Proof of Reserves System

Binance, along with some other exchanges, implemented a proof-of-reserve (PoR) system after the collapse of FTX. But what is a PoR system? The PoR system aims to show that the exchanges hold their customers’ assets as claimed. Binance added SHIB to its PoR system in February 2023. It now covers 31 cryptos that are widely accepted globally on the exchange. 

The PoR report highlights the differences in holdings compared to Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Binance’s net balances for these major cryptos are 568 788 BTC, 4.44 million ETH, and 30.89 million SOL.

Also Read : MicroStrategy’s Bitcoin Connection: A Double-Edged Sword for Investors

Holdings of Bitcoin and Ethereum

Binance has released its PoR report, in which it discloses holdings for Bitcoin and Ethereum. The exchange’s collateralization ratio for BTC and ETH was 104.46% and 103.58%, respectively. Users hold large amounts of these assets on Binance, and it maintains slightly higher balances.

In addition, XRP has appreciated in value by approximately 1.6% compared to February and DOGE by less than 0.4%. Only the SHIB holdings have remained unchanged. Binance’s strategy of maintaining higher liquidity than its users’ holdings aims to ensure market confidence.

Binance plans to implement a new KYC measure by April 20, which may also affect its crypto holdings. After this policy is implemented, users who haven’t completed KYC requirements will not be able to access their sub-accounts on the exchange platform.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

XRP ETF Incoming: SEC Approves April 30 Launch for ProShares

In a much-awaited development that could shake up the digital asset space, a recent filing…

April 27, 2025

XRP Price Prediction And Analysis For April 27

XRP continues to show strength despite recent market volatility. While Bitcoin experienced sharp moves, XRP’s…

April 27, 2025

Next 23x Token? This DeFi Crypto Could Outperform SOL and AVAX in 2025

In a market where momentum often shifts fast and unpredictably, smart investors are increasingly focused…

April 27, 2025

Where to Earn Passive Crypto Income: Is FXGuys the Best Altcoin Presale Right Now?

Everyday trading isn’t everyone’s cup of tea. Not everyone wants to stare at screens all…

April 27, 2025

Best Crypto to Buy Now With $1 Target? MUTM Has Utility, Revenue, and Room to 40x

As the crypto market regains its footing, investors are already scanning for the next crypto…

April 27, 2025

Missed SHIB and PEPE? This Underdog Crypto Could Outperform Both by Summer 2025

While many have seen tokens like SHIB and PEPE make headlines, a new contender is…

April 27, 2025