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Binance sold USDC for BTC and ETH after Silvergate Bank collapse: PoR report

Published 08/08/2023, 05:04 AM
Updated 08/08/2023, 11:40 AM
© Reuters.
USDC/USD
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Cryptocurrency exchange Binance released its latest proof-of-reserves (PoRs) on Aug. 1, offering transparency into its crypto reserves. However, the movement of its USD Coin (USDC) reserves at the time of Silvergte’s collapse caught many people’s attention and became a topic of discussion on X (formerly Twitter).

The latest reserve audit suggests Binance holds more than enough crypto and cash to cover user funds. The ratio of Binance’s net balances to its customers’ net balances is more than 100% for all its assets as shown in the snapshot below.

Binance asset reserve ratio to customer funds. Source: Binance
Binance reserves balance between December 2022–June 2023. Source: Binance

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