Binance says its reserves are 1:1. This time, you don’t have to take its word for it—you can check for yourself.
The latest version of its PoR includes ZKProof, allowing users to verify whether their balances are backed at least 1:1. That’s different from simply “taking a look at an audit report”: an audit report shows that a snapshot at a particular point in time checks out, while zero-knowledge proofs let everyone verify their own data without making the entire ledger public or trusting a third party.
But there are three things it doesn’t prove:
First, it proves that balances are backed, not that withdrawals are available right now. Update #9 is still rolling out in phases, and some assets won’t be available until next weekend.
Second, it proves what’s on the asset side, not that the liabilities are complete—this assumes that the snapshot included every user’s balance.
Third, it proves things only at the time of verification, not every minute afterward.
The takeaway: verifiable ≠ withdrawable, and ≠ immune to problems.
For ordinary users, there are two concrete things you can do today: go to the PoR page, find your balance, run a verification, and save a screenshot; then check whether the tokens you hold are on the recovery list. Do these separately—don’t lump them together as “I’m safe now.”
Have you verified your balance? Where did you get stuck?
The latest version of its PoR includes ZKProof, allowing users to verify whether their balances are backed at least 1:1. That’s different from simply “taking a look at an audit report”: an audit report shows that a snapshot at a particular point in time checks out, while zero-knowledge proofs let everyone verify their own data without making the entire ledger public or trusting a third party.
But there are three things it doesn’t prove:
First, it proves that balances are backed, not that withdrawals are available right now. Update #9 is still rolling out in phases, and some assets won’t be available until next weekend.
Second, it proves what’s on the asset side, not that the liabilities are complete—this assumes that the snapshot included every user’s balance.
Third, it proves things only at the time of verification, not every minute afterward.
The takeaway: verifiable ≠ withdrawable, and ≠ immune to problems.
For ordinary users, there are two concrete things you can do today: go to the PoR page, find your balance, run a verification, and save a screenshot; then check whether the tokens you hold are on the recovery list. Do these separately—don’t lump them together as “I’m safe now.”
Have you verified your balance? Where did you get stuck?
