Binance dropped their October proof-of-reserves report. Numbers: 688,600 $BTC in user deposits vs 691,010 $BTC held = 100.35% collateralization ratio. That's a 2,410 $BTC cushion (~$200M buffer). $USDT sitting at 103.88%, $BNB at 100.47%, $ETH exactly 100%. The over-collateralization on $BTC is interesting—means they're not running fractional on the main asset. $USDT surplus suggests they're parking excess stablecoins as working capital or yield generation. $ETH at exactly 100% is the edge case here, zero buffer. If you're holding on Binance, the $BTC reserves are technically solvent with headroom, but $ETH has no margin for error.