Dear User:
In Recovery Progress Update #3 (published on October 31, 2026), we confirmed that the affected assets had been replenished using Binance’s own funds. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now all fully backed by reserves at a 1:1 ratio. We also completed a new Proof of Reserves snapshot at 08:00 (UTC+8) on October 31, 2026, to show users the latest status of our asset reserves and further enhance transparency.
The complete zero-knowledge proof for the latest Proof of Reserves snapshot was generated within the expected timeframe. Binance users holding any of the ten tokens listed above can now independently verify whether their account balances on Binance are fully backed by reserves at a ratio of at least 1:1. Users can verify their balances using the verification tool on the Proof of Reserves website. Please refer to the instructions here for details.
We plan to generate a new Proof of Reserves snapshot on November 4, 2026, and expand the range of tokens covered. We will then generate an updated complete zero-knowledge proof. Due to the significant computational workload, this is expected to take approximately 40 to 50 hours.
As disclosed in Recovery Progress Update #4 (published on November 1, 2026), Binance has now replenished approximately 95% of the affected assets. The remaining approximately 5% of assets yet to be replenished mainly consist of tokens that are not among the top ten tokens by market capitalization listed above. These assets have relatively low market liquidity, so it will take longer to acquire them in the required quantities. We continue to work closely with industry partners to acquire the remaining assets.
We are also working to restore withdrawal services for more networks and assets. The next phase is expected to open tomorrow, and this will be a gradual process. We will announce the details as soon as they are ready.
Our commitment remains unchanged: user funds are safe, and Binance will cover the full amount of funds stolen in this security incident. With the generation of the zero-knowledge proof, the portion of this commitment that has been fully backed by reserves can now be independently verified by the public.
Thank you for your support of Binance!
The Binance Team
November 2, 2026
Proof of Reserves Verification FAQ
Binance publishes Proof of Reserves so that users do not have to rely solely on our statements to assess the status of our asset reserves. You can learn more about Proof of Reserves here, including how it uses cryptographic technology to prove that assets held by users on Binance are fully backed by reserves at a ratio of at least 1:1.
Users can also follow the instructions here to learn how to verify their assets independently.
Before you begin verification: You will need to log in to your Binance account and download the verification tool from the Proof of Reserves webpage to your computer so that you can run the verification program yourself.
Security reminder: To protect your account, be sure to visit only the official Binance website. Do not share your account login information with anyone, and do not use an untrusted device to perform verification.
Why is verifying my assets through Proof of Reserves so complicated?
We understand that the Proof of Reserves verification process may seem to involve a number of technical steps. Proof of Reserves relies on cryptographic technology rather than asking users to trust a figure we publish. These verification steps are designed to let users independently confirm their asset balances without relying solely on Binance’s statements. To make the process easier, we have published a step-by-step guide for users to follow.
Why do I need to download the verification file to my computer?
Verifying on your own device ensures that you run the verification program and complete the checks independently on your personal computer.
The verification tool is open source and available for anyone to download and run. We also publish updates in the public code repository GitHub. The code has previously been verified and reviewed by the developer community (see an example here). This allows the developer community and the public to review how it is implemented, ensuring transparency.
Are Proof of Reserves and zero-knowledge proofs reliable?
Yes. Binance’s Proof of Reserves uses a Merkle Tree system together with zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge) technology.
Merkle Tree: Allows each user to independently verify whether their account assets are included in the Proof of Reserves snapshot.
zk-SNARK (zero-knowledge proof): For the snapshot generated at 08:00 (UTC+8) on October 31, 2026, it proves that the platform’s reserves provide full backing at a ratio of at least 1:1, without disclosing any user’s account balance.
Together, these form a cryptography-based verification mechanism. Users can confirm that their assets are included in Binance’s published Proof of Reserves snapshot and are backed by corresponding reserves, without disclosing their own or other users’ account balances to anyone.
In Recovery Progress Update #3 (published on October 31, 2026), we confirmed that the affected assets had been replenished using Binance’s own funds. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now all fully backed by reserves at a 1:1 ratio. We also completed a new Proof of Reserves snapshot at 08:00 (UTC+8) on October 31, 2026, to show users the latest status of our asset reserves and further enhance transparency.
The complete zero-knowledge proof for the latest Proof of Reserves snapshot was generated within the expected timeframe. Binance users holding any of the ten tokens listed above can now independently verify whether their account balances on Binance are fully backed by reserves at a ratio of at least 1:1. Users can verify their balances using the verification tool on the Proof of Reserves website. Please refer to the instructions here for details.
We plan to generate a new Proof of Reserves snapshot on November 4, 2026, and expand the range of tokens covered. We will then generate an updated complete zero-knowledge proof. Due to the significant computational workload, this is expected to take approximately 40 to 50 hours.
As disclosed in Recovery Progress Update #4 (published on November 1, 2026), Binance has now replenished approximately 95% of the affected assets. The remaining approximately 5% of assets yet to be replenished mainly consist of tokens that are not among the top ten tokens by market capitalization listed above. These assets have relatively low market liquidity, so it will take longer to acquire them in the required quantities. We continue to work closely with industry partners to acquire the remaining assets.
We are also working to restore withdrawal services for more networks and assets. The next phase is expected to open tomorrow, and this will be a gradual process. We will announce the details as soon as they are ready.
Our commitment remains unchanged: user funds are safe, and Binance will cover the full amount of funds stolen in this security incident. With the generation of the zero-knowledge proof, the portion of this commitment that has been fully backed by reserves can now be independently verified by the public.
Thank you for your support of Binance!
The Binance Team
November 2, 2026
Proof of Reserves Verification FAQ
Binance publishes Proof of Reserves so that users do not have to rely solely on our statements to assess the status of our asset reserves. You can learn more about Proof of Reserves here, including how it uses cryptographic technology to prove that assets held by users on Binance are fully backed by reserves at a ratio of at least 1:1.
Users can also follow the instructions here to learn how to verify their assets independently.
Before you begin verification: You will need to log in to your Binance account and download the verification tool from the Proof of Reserves webpage to your computer so that you can run the verification program yourself.
Security reminder: To protect your account, be sure to visit only the official Binance website. Do not share your account login information with anyone, and do not use an untrusted device to perform verification.
Why is verifying my assets through Proof of Reserves so complicated?
We understand that the Proof of Reserves verification process may seem to involve a number of technical steps. Proof of Reserves relies on cryptographic technology rather than asking users to trust a figure we publish. These verification steps are designed to let users independently confirm their asset balances without relying solely on Binance’s statements. To make the process easier, we have published a step-by-step guide for users to follow.
Why do I need to download the verification file to my computer?
Verifying on your own device ensures that you run the verification program and complete the checks independently on your personal computer.
The verification tool is open source and available for anyone to download and run. We also publish updates in the public code repository GitHub. The code has previously been verified and reviewed by the developer community (see an example here). This allows the developer community and the public to review how it is implemented, ensuring transparency.
Are Proof of Reserves and zero-knowledge proofs reliable?
Yes. Binance’s Proof of Reserves uses a Merkle Tree system together with zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge) technology.
Merkle Tree: Allows each user to independently verify whether their account assets are included in the Proof of Reserves snapshot.
zk-SNARK (zero-knowledge proof): For the snapshot generated at 08:00 (UTC+8) on October 31, 2026, it proves that the platform’s reserves provide full backing at a ratio of at least 1:1, without disclosing any user’s account balance.
Together, these form a cryptography-based verification mechanism. Users can confirm that their assets are included in Binance’s published Proof of Reserves snapshot and are backed by corresponding reserves, without disclosing their own or other users’ account balances to anyone.