According to Binance’s announcement, following its commitment to “maintain transparency”, Binance has now launched an asset reserve certification system and adopted a Merkle tree data structure to push the work of keeping user assets transparent to a new process. The first batch of results of the audit report, according to the snapshot at 07:59 am on November 23, 2022 (East Eighth District time), the BTC reserve ratio is 101%, the on-chain reserves are 582,485.9302 BTC, and the user net balance is 575,742.4228 BTC.

The asset reserve proof system will provide users with proof of BTC assets at the beginning of its launch, and will gradually support more assets and networks in the coming weeks. Recent plans include: announcing the second batch of asset reserve certification results in the next two weeks, which will include more assets; hiring a third-party audit company to audit the asset reserve certification results; deploying ZK-SNARKs based on asset reserve certification to improve privacy and Robustness, prove that the total net balance (in dollars) per user is non-negative.