Key takeaways
When it comes to deciding where to place their assets, users need access to as much relevant information as possible.
Through our proof of reserves system, all traders on Binance can verify that all user assets are held at a 1:1 ratio, supplemented by reserves. In February 2023, we improved this system by implementing zk-SNARKs, a form of Zero-Knowledge proofs.
Our B-token proof of collateral page indicates the collateral we have for the various digital assets that have been wrapped to make them usable across multiple blockchains.
Our airdrop portal allows people to easily find airdrop events on Binance and learn how to take advantage of them.
We also offer a completely transparent breakdown of all fees you may be charged when you deposit, trade or withdraw your assets. There are no hidden fees on Binance!
Binance exists solely to serve its users and improve their financial freedom. Discover in this article four ways we are improving access to essential information that allows traders to make wise financial decisions.
Numerous breaches of trust have marred the digital assets sector in 2022, leading us to make restoring trust and improving transparency of user funds two of our main goals.
We must never forget our reasons for being, namely to best serve our users and improve financial freedom. Users need and deserve access to as much relevant information as possible when making decisions regarding the investment and optimal use of their assets, whether on Binance or across the entire ecosystem. We have made remarkable progress on this in 2022, but there is still a long way to go.
This article highlights four areas where we have improved access to essential information. From simple to more complex devices, from proof of reserves and collateral to airdrop portals and fee dashboards, we want anyone operating within the Binance ecosystem to have on hand all the relevant data necessary to make the good choices.
Proof of reserves
Binance is committed to ensuring transparency in the security and safety of assets deposited by its users. With our proof of reserves system, anyone can verify that Binance holds all user assets at a 1:1 ratio, supplemented by reserves.
For example, when a user deposits 1 Bitcoin, Binance reserves increase by at least 1 Bitcoin to ensure that customer funds are fully backed in all circumstances. In November 2022, Binance released its first proof of reserves system disclosing wallet addresses and using Merkle tree cryptography to allow users to verify the presence of their assets in the report. Also called a hash tree, a Merkle tree is a data structure that efficiently verifies the integrity and consistency of large amounts of data. In February 2023, we enhanced our system by implementing zk-Snarks, a type of Zero-Knowledge evidence that allows all users to reliably verify the presence of their account balance in the report liabilities while ensuring the protection of sensitive information relating to their person.
This information is valuable to our clients regardless of their level of experience or the type of activities they engage in, because it allows them to verify that all assets deposited on the exchange are constantly up to date. their disposal. Binance's desire to offer its customers total transparency regarding their funds guarantees them transactions with complete peace of mind, because they know that their digital assets will never be transferred elsewhere.
Proof of B-Token collateral
The disclosure of information on the issuance and collateralization of tokens linked to Binance (B-tokens) is another way of reassuring users on an important point of their financial management. To find out all the details, simply access our page dedicated to the proof of guarantee of B-tokens.
Don’t know about wrapped tokens? To put it simply, these are digital assets representing locked collateral of the original asset on another blockchain. This mechanism allows the value and utility of tokens to be transferred across non-native networks.
“Wrapped” tokens were first imagined to improve the interoperability of tokens and extend their usefulness to multiple networks. B-tokens are simply wrapped tokens that Binance offers to extend the functionality of the most popular assets.
For example, we hold BTC as collateral for “wrapped” BTC, which allows the asset to be used on non-native blockchains such as Ethereum and BNB Chain. Our B-token proof of collateral page indicates the collateral we have for the various digital assets issued by Binance to make them usable across multiple blockchains. Users can view up-to-date wallet addresses to ensure all assets are properly backed and managed.
Airdrops homepage
In the world of crypto and blockchain, an airdrop consists of distributing digital assets for free to Internet users holding a certain token or having a valid wallet address on a specific blockchain.
Airdrops are sometimes used as part of a marketing campaign to improve the visibility of the crypto or token being distributed, and also as a way to increase the number of holders of a given asset. They can also be used to reward owners of the token in question or encourage users to take part in certain activities, such as completing surveys or referring friends.
To be able to take advantage of an airdrop, users must generally hold a certain amount of the asset in question in a public wallet at the time of taking the snapshot of the current state of the blockchain, at a precise date and time.
Our airdrop portal makes it easy to discover upcoming airdrops on Binance and the status of current airdrops. It allows traders to seamlessly track airdrop events and learn how to profit from them.
Deposit and Withdrawal Fee Dashboard
Before you set your sights on a crypto exchange, you need to know all the potential costs you could be charged: if you don't have a clear view of these fees, how can you make sound financial decisions?
This is where our Deposit and Withdrawal Fees Dashboard comes in: it gives you a transparent and comprehensive breakdown of all the fees you may be charged when you deposit or withdraw your assets, crypto or fiat. This allows you to make informed decisions on our platform: no fees are hidden on Binance!
We remind you that Binance does not charge deposit fees. For crypto withdrawals, users pay a fee that covers the costs of moving the crypto out of their Binance account. Crypto withdrawal fees depend on the blockchain network and may vary due to factors such as network congestion. Users can easily check the latest added data.
The dashboard also displays all fees related to depositing or withdrawing fiat currencies depending on the method used, the region the user is located in, and the currency chosen. We also remind you that when you buy or sell cryptos, trading fees apply: these are listed on a separate page.
Conclusion
Binance is committed to improving transparency and restoring trust in the digital assets industry. To do this, we have implemented numerous measures such as reserve and guarantee proofs, which allow users to have access to crucial information when it comes to making decisions regarding their assets. Binance's determination to offer its customers total transparency regarding their funds guarantees them transactions with complete peace of mind, because they know that the balance of their accounts is fully backed in all circumstances. There is still much to do, but we hope you will recognize our desire to put users' needs first and improve financial freedom through these efforts.
For more information
A year marked by compliance and transparency
Proof of reserves and how it works on Binance
Building trust in the crypto ecosystem
Trade anywhere with the Binance mobile crypto trading app (iOS/Android)
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