According to a post on the Binance blog, Binance has been committed to strengthening the security and transparency of user funds since it launched the Proof-of-Reserves (PoR) system in November 2022. As of November 2023, the Binance PoR system displays user fund reserves of 31 tokens.
The Binance PoR system uses Merkle tree encryption and non-interactive zero-knowledge proof (zk-SNARK) protocol. As of early November 2023, Binance’s reserves are sufficient to cover more than 100% of users’ net assets, including BTC, ETH, BNB, and USDT. Binance promises to continue to support user assets at a ratio of at least 1:1 to ensure the security and transparency of user funds.
