Unveiling Binance’s Crypto Portfolio: Revelations about SHIB, XRP, and Beyond

In March 2024, Binance announced that it held a staggering 67.67 trillion Shiba Inu (SHIB) tokens, surpassing the amount deposited by users by 3.59%. This impressive collateralization ratio of 103.60% indicated Binance’s commitment to securing its customers’ assets.

Despite a slight decrease in figures since January 2024, Binance customers and the platform itself experienced a decline in net balances. Additionally, Binance currently holds an impressive amount of other cryptocurrencies, including over 3.13 billion XRP and 14.779 billion Dogecoin (DOGE).

Following the collapse of FTX, Binance, along with other exchanges, implemented a proof-of-reserve (PoR) system to assure customers that their assets were securely held. This PoR system acts as a verification mechanism, demonstrating that the exchanges indeed possess the assets they claim to hold. Binance added SHIB to its PoR system in February 2023, expanding its coverage to encompass 31 widely accepted cryptocurrencies.

The PoR report provided by Binance highlights the differences in holdings compared to Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Binance’s net balances for these major cryptocurrencies amount to 568,788 BTC, 4.44 million ETH, and 30.89 million SOL.

Binance has also released a PoR report disclosing its holdings for Bitcoin and Ethereum. The exchange’s collateralization ratio for BTC and ETH stands at 104.46% and 103.58% respectively, demonstrating its commitment to maintaining slightly higher balances than its users.

While XRP has appreciated in value by approximately 1.6% compared to February and DOGE by less than 0.4%, the holdings of SHIB remain unchanged. Binance’s strategy of maintaining higher liquidity than its users’ holdings ensures market confidence and stability.

Looking forward, Binance plans to implement a new KYC measure by April 20th, which could have an impact on its cryptocurrency holdings. Once this policy is in effect, users who have not completed the necessary KYC requirements will be unable to access their sub-accounts on the exchange platform.

In conclusion, Binance’s impressive holdings of various cryptocurrencies, including SHIB, XRP, and DOGE, along with its implementation of a PoR system, highlight its dedication to maintaining the security and trust of its customers.