Binance has revealed a series of impactful updates to its January 2024 Reserve Certificate. The modifications signal a substantial surge in its super reserves, with notable increases observed in Bitcoin (BTC) and Tether (USDT).
Bitcoin has taken a notable leap, registering a 2.27% increase in Binance’s super reserves. Tether, on the other hand, has witnessed a remarkable uptick of 7.93%, which affirms the exchange’s commitment to maintaining robust reserves.
The data presented in the update shows Binance’s dedication to covering all user assets at a 1:1 ratio, supplemented by additional reserves. This move ensures a secure and stable environment for users engaging in cryptocurrency trading on the platform.
Delving into the specifics, the customer net balance for Bitcoin exceeds 575,000, with a net balance surpassing 597,000. Ethereum (ETH) follows suit, boasting a customer net balance of 4 million and a net balance exceeding 4.2 million.
The spotlight is on Tether, where Binance demonstrates a customer net balance of 16.8 billion and an impressive net balance surpassing 20 billion.
Additionally, Binance Coin (BNB) plays a pivotal role in these updates, with a customer net balance of 31.9 million and a net balance of 33.9 million.
These figures emphasize the robustness of Binance’s reserves across various cryptocurrencies, which provide users with confidence in the security of their assets.
According to Binance’s 2023 year-end report, the company welcomed over 40 million new users, representing a 30% increase from the previous year. It reached 170 million registered users by the end of the year.
The company invested heavily in compliance and security measures, allocating $213 million to compliance technology, processes, and talent, up 35% from the previous year. It holds licenses, registrations, and authorizations in 18 jurisdictions worldwide.
In 2023, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance and its founder, Changpeng Zhao (CZ), including operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls, and the unregistered offer and sale of securities.
Binance and CZ have been involved in a tumultuous legal battle with the SEC, with Binance pleading guilty and agreeing to pay significant fines to resolve criminal charges and civil suits from various U.S. agencies, including the CFTC, OFAC, and FinCEN. Also, CZ had to step down as CEO as Richard Teng took over in Q4 2023.
