Binance’s Proof-Of-Reserves System Upgraded to Include 24 Tokens
Binance’s proof-of-reserves system has been updated to allow verification of user assets for 11 new tokens: MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE.
The overall amount of funds now verifiable via Binance’s PoR system now exceeds 63B USD.
On Binance, user funds are always collateralized at a 1:1 ratio, plus additional reserves.
We are pleased to announce that we’ve added 11 more tokens, including MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE to our proof-of-reserves (PoR) system, which now shows over $63 billion across 24 assets.
With the addition of 11 assets to its PoR system, Binance, the world’s largest exchange by trading volume, now shows over 63B USD in reserves.
Please find the latest verification results, as of publication, below:
Snapshot Time: 00:00:00 UTC, March 1, 2023.
BTC Block Height: 778721.
Introduced in late 2022 as part of a wider effort to provide users with greater transparency, Binance’s proof-of-reserves system uses Merkle trees to add up on-chain data, so that users can rest easy knowing that their assets are held for them 1:1 in our custody.
In February 2023, we made a major update to our PoR system, implementing zk-SNARKs, zero-knowledge protocols that increase the privacy and security of user data during the verification process. You can find further details about the role of zk-SNARKs in our PoR system here.
This upgrade marked the first time that a centralized crypto exchange (CEX) had implemented this kind of technology in their PoR work, so we decided to make the code open-source – both because we wanted the rest of the industry to benefit from this innovative application and because we want the community to help strengthen the system.
Rest easy, knowing that your assets are SAFU with Binance.
For more information on how we’re working to build trust, click here.