$BTC, $ETH , and $BNB were all included in Binance’s first reserve snapshot on October 31. The recent debate is: if these three assets are backed at a ratio of at least 1:1, why are withdrawal services still being restored in stages? These two figures answer different questions.
Binance announced on November 2 that complete zero-knowledge proofs had been generated for the first 10 assets. Users can check whether their snapshot balances were included in liabilities and whether the corresponding assets provide at least 1:1 coverage. For BTC, ETH, and BNB holders, this is more specific and independently verifiable evidence than simply saying “funds are safe.” Those taking an optimistic view argue that the shortfalls in major assets have been made up.
But another set of figures from November 4 points to the operational side: about 98% of affected assets had been replenished, while the remaining roughly 2% consisted of less liquid coins; the new snapshot expanded coverage from 10 to 44 assets. An announcement on November 6 also stated that withdrawals would be enabled gradually for each “network + asset” combination, after security and readiness checks were completed. The actual availability of the BTC native chain, Ethereum mainnet or layer 2 networks, and BSC, where BNB is used, must be checked separately. Reserve ratios alone do not show that a particular withdrawal route is currently working.
I’m focusing on two things that can be tracked: verifiable proofs for the 44-asset snapshot, and the live withdrawal status for the selected coin and network. The former checks the books; the latter checks whether funds can be transferred out. The data reflects the figures stated in each announcement at the time and does not mean that every network is currently back online. Risk reminder: service status can change, so check the platform’s live page before transferring funds.
Binance announced on November 2 that complete zero-knowledge proofs had been generated for the first 10 assets. Users can check whether their snapshot balances were included in liabilities and whether the corresponding assets provide at least 1:1 coverage. For BTC, ETH, and BNB holders, this is more specific and independently verifiable evidence than simply saying “funds are safe.” Those taking an optimistic view argue that the shortfalls in major assets have been made up.
But another set of figures from November 4 points to the operational side: about 98% of affected assets had been replenished, while the remaining roughly 2% consisted of less liquid coins; the new snapshot expanded coverage from 10 to 44 assets. An announcement on November 6 also stated that withdrawals would be enabled gradually for each “network + asset” combination, after security and readiness checks were completed. The actual availability of the BTC native chain, Ethereum mainnet or layer 2 networks, and BSC, where BNB is used, must be checked separately. Reserve ratios alone do not show that a particular withdrawal route is currently working.
I’m focusing on two things that can be tracked: verifiable proofs for the 44-asset snapshot, and the live withdrawal status for the selected coin and network. The former checks the books; the latter checks whether funds can be transferred out. The data reflects the figures stated in each announcement at the time and does not mean that every network is currently back online. Risk reminder: service status can change, so check the platform’s live page before transferring funds.
