Binance: Breaking Records & Keeping BTC Safe for 30 Months (But Who’s Counting?)

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Well, look at that! Binance, the colossal titan of crypto exchanges, has managed to keep its Bitcoin reserves above 100% for an impressive 30 months straight. Yep, you heard it right: 30 months. If that doesn’t scream “We’ve got our act together!” then I don’t know what does.

The latest snapshot, which came at Bitcoin block height 894,668 (because apparently that’s something we need to remember), shows Binance holding a whopping 616,886 BTC. This backs up customer balances of 604,410 BTC, giving it a shiny reserve ratio of 102%. Let’s all take a moment to appreciate the magic of decimals. 😎

Transparency? Oh, You Bet.

Binance kicked off its proof-of-reserve (PoR) initiative as a knee-jerk reaction to the FTX disaster in 2022. Remember that? The catastrophic mess where someone forgot how to manage user funds. Since then, Binance has made it a point to publish monthly reports, certified by some fancy auditors like Mazars and on-chain experts. Transparency, right? We all love it. 🙄

CryptoQuant’s Maarten (who’s probably done more math than most of us) took a look at Binance’s latest proof and said: “Yep, looks good. Binance is still keeping their reserve ratio above 100%.” Thank you, Maarten, for the obvious observation. Glad we can all sleep at night now. 💤

“Since publishing their first Proof-of-Reserve report in late 2022, Binance has consistently maintained a reserve ratio above 100%,” he wrote. “This shows a strong asset backing and ongoing commitment to transparency.”

As for where the BTC is hiding, Maarten casually points out that 603,374 of those BTC are tucked away on-chain, with another 13,512 chilling in third-party custody as BTCB. Binance is really just a crypto-hoarder at this point.

Let’s not forget that CryptoPotato, that brave publication, pointed out in March that Binance had kept its reserve ratio above 100% for a neat 29 months. Even when rumors were flying that Binance was secretly offloading BTC for USDC (because who doesn’t love a good conspiracy theory?), CryptoQuant stepped in to say, “Nope, those rumors are bogus. All numbers match up.” 🌚

And just to keep the hype train rolling, independent audits like the one from Mazars last year confirmed Binance’s honesty. They verified Binance held 101% of customer BTC deposits, proving once again that Binance isn’t just playing dress-up with its Proof-of-Reserves. Fancy that.

What Does This All Mean? A Whole Lot of Nothing… Unless You’re a Crypto Fanboy

Of course, some folks in the industry, like Kraken CEO Jesse Powell, aren’t thrilled with the proof-of-reserve reports. They argue that Binance’s reports don’t take into account liabilities. But hey, who needs that negativity in their life when Binance’s track record is as solid as an overcooked pancake?

And let’s talk about those stablecoins. At the start of the year, Binance claimed it was holding over $31 billion in stablecoins—a nearly fivefold increase from mid-2023. Guess who’s been busy behind the scenes? The institutional investors are out in full force, and it’s looking pretty darn lucrative. 💰

As for Binance’s native BNB token? It’s chugging along, gaining 1.3% in the last 24 hours. Woohoo, slow and steady! BNB is trading just under $658 (according to CoinGecko), and if you want to get technical, it’s up 8.5% in the last week. Not bad, but let’s be real—it’s no meme coin.

In the last 30 days, BNB saw an 11.4% increase, and it’s only 16.5% shy of its all-time high. Will it ever reach the peak? Time will tell, but for now, let’s enjoy the ride. 🚀

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2025-05-15 00:19