PANews reported on November 25 that Binance announced the launch of the asset reserve proof system, and adopted the Merkle tree data structure, pushing the work of keeping user assets transparent to a new stage. The system will provide users with BTC asset proof at the beginning of its launch, and will gradually support more assets and networks in the coming weeks. According to the first batch of audit results, the current BTC on-chain reserves are 582,485.9302 BTC, the user net balance is 575,742.4228 BTC, and the reserve ratio is 101%. The second batch of asset reserve proof results will be announced in the next two weeks, which will include more assets.

“In light of recent events, we see that the community will demand far more from cryptocurrency exchanges than is currently required of traditional financial institutions,” said Binance Founder and CEO Changpeng Zhao (CZ). “That’s why we’re excited to offer our users this new verification feature to verify that their funds are safe.”