Dear user:
Following its commitment to "maintain transparency", Binance has now launched an asset reserve certification system, pushing the work of keeping user assets transparent to a new process.
The system will provide users with proof of BTC assets at the beginning of its launch, and will gradually support more assets and networks in the coming weeks.
The first results of the audit report are as follows:
Snapshot time: 07:59 am on November 23, 2022 (East Eighth District time)
Block height: BTC 764,327, ETH 16,028,978, BEP2 280,017,714, BEP20 23,288,794
[Click to verify your BTC holdings on Binance]
More information:
Asset Reserve Certificate
About Merkle Tree
How to view Merkle leaf nodes/hash values
How to verify merkle leaf nodes/hash values
How to validate Merkle tree and Merkle leaf nodes/hashes using NodeJS
Recent plans:
The results of the second batch of asset reserve certificates will be announced in the next two weeks, which will include more assets;
Hire a third-party audit company to audit the asset reserve certification results;
ZK-SNARKs are deployed based on the asset reserve certificate to improve privacy and robustness and prove that the total net balance (USD) of each user is a non-negative number.
Since Binance offers leveraged and collateralized lending services, the audit results will show each user’s net balance, assets, and debt, where the net balance is equal to assets minus debt. Therefore, some users may have negative asset balances.
Therefore, Binance will deploy ZK-SNARKs on the basis of asset reserve certificates. ZK-SNARKs will be able to prove that users have sufficient security from other assets to ensure that when users borrow with guarantee, their total net balance (USD) is a non-negative number.
Thank you for your support of Binance!
Binance Team
November 25, 2022
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Binance reserves the right to modify, change or cancel this announcement at any time and for any reason at its sole discretion without prior notice.
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