Binance has raised its asset replenishment ratio from about 80% to 90%, but the final 10% cannot be summed up with a single overall percentage. The more useful question for users is: Have the coins they hold been fully replenished?
The latest official announcement, dated October 31, says that ten tokens, including BTC, ETH, USDT, and BNB, now have 100% reserve backing. The roughly 10% that has yet to be replenished consists of tokens outside those ten. Because their liquidity is lower, acquiring the required amounts may take longer. Having funds ready and having purchased all the corresponding tokens are still two separate steps.
Yesterday, I focused on the difference between freezing and recovering assets. The new point to check this time is that replenishment is shifting from overall progress to coverage by token. The fact that ten tokens are fully backed cannot be used to draw conclusions about every token, nor does it justify promising that withdrawals have resumed.
The proof of reserves also needs to be assessed by stage: Binance says it has completed the snapshot as of 08:00 on October 31, while the full proof is expected to be generated on November 3 (UTC). Withdrawals are still expected to resume on November 1, with the specific arrangements yet to be confirmed. Completing the snapshot does not mean the full verification process is complete.
My assessment: The replenishment progress is worth tracking. The remaining token list, the full proof, and the actual resumption of withdrawals are the results that need to be checked one by one next. Source: Binance's October 31 asset replenishment announcement; as of 23:12 Beijing time.
The latest official announcement, dated October 31, says that ten tokens, including BTC, ETH, USDT, and BNB, now have 100% reserve backing. The roughly 10% that has yet to be replenished consists of tokens outside those ten. Because their liquidity is lower, acquiring the required amounts may take longer. Having funds ready and having purchased all the corresponding tokens are still two separate steps.
Yesterday, I focused on the difference between freezing and recovering assets. The new point to check this time is that replenishment is shifting from overall progress to coverage by token. The fact that ten tokens are fully backed cannot be used to draw conclusions about every token, nor does it justify promising that withdrawals have resumed.
The proof of reserves also needs to be assessed by stage: Binance says it has completed the snapshot as of 08:00 on October 31, while the full proof is expected to be generated on November 3 (UTC). Withdrawals are still expected to resume on November 1, with the specific arrangements yet to be confirmed. Completing the snapshot does not mean the full verification process is complete.
My assessment: The replenishment progress is worth tracking. The remaining token list, the full proof, and the actual resumption of withdrawals are the results that need to be checked one by one next. Source: Binance's October 31 asset replenishment announcement; as of 23:12 Beijing time.
