Binance, a cryptocurrency exchange, has released its latest proof-of-reserves (PoR) report, which shows that it holds enough crypto and cash to cover user funds. However, the movement of its USDC reserves during Silvergate's collapse has raised questions. Binance's PoR reveals that its USDC balance decreased from $3.4 billion on March 1st to $23.9 million by May 1st, and on-chain data suggests that Binance started converting its USDC reserves into Bitcoin and Ether after Silvergate's collapse. The PoR has become a popular way for crypto exchanges to attest their holdings and share the same with the public as a way of transparency.
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Binance's Proof-of-Reserves Reveals Healthy Financial Situation, but USDC Reserve Movements Draw Attention
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