Proof of Reserves
Verify that Binance user assets are fully backed, at least 1:1.
Audit Time
Verification Mechanism:
zk-SNARKs
Merkle Root Hash:
04f9e4c0f487281ecf2c7577161b0a24957e41c219
100.45%
Customer Net Balances
615,816.977
Customer Net Balances
615,816.977
Exchange Balance
587,973.252
Third-Party Custody
30,590.643
100.45%
Customer Net Balances
615,816.977
Customer Net Balances
615,816.977
Exchange Balance
587,973.252
Third-Party Custody
30,590.643
100.45%
Customer Net Balances
615,816.977
Customer Net Balances
615,816.977
Exchange Balance
587,973.252
Third-Party Custody
30,590.643
100.45%
Customer Net Balances
615,816.977
Customer Net Balances
615,816.977
Exchange Balance
587,973.252
Third-Party Custody
30,590.643
100.45%
Customer Net Balances
615,816.977
Customer Net Balances
615,816.977
Exchange Balance
587,973.252
Third-Party Custody
30,590.643
100.45%
Customer Net Balances
615,816.977
Customer Net Balances
615,816.977
Exchange Balance
587,973.252
Third-Party Custody
30,590.643
100.45%
Customer Net Balances
615,816.977
Customer Net Balances
615,816.977
Exchange Balance
587,973.252
Third-Party Custody
30,590.643
100.45%
Customer Net Balances
615,816.977
Customer Net Balances
615,816.977
Exchange Balance
587,973.252
Third-Party Custody
30,590.643
You can find out more about how this works here
What is Proof of Reserves (PoR)?
When we say Proof of Reserves, we are specifically referring to those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds that cover all of our users assets 1:1, as well as some reserves.
When a user deposits one Bitcoin, Binance's reserves increase by at least one Bitcoin to ensure client funds are fully backed. It is important to note that this does not include Binance's corporate holdings, which are kept on a completely separate ledger.
What this means in actual terms is that Binance holds all user assets 1:1 (as well as some reserves), we have zero debt in our capital structure and we have made sure that we have an emergency fund (SAFU fund) for extreme cases.
Read on to see more information on what we have built to allow people to check their funds are safe with Binance.
Our commitment to our community remains the same as it has always been
Transparency
We will always be transparent with our users
Safety
The safety of our users funds is a priority for us
Protected
Your funds are protected
Verification Process
For assets that are used to verify reserves, we must ensure that ownership of the wallet belongs to Binance (including cold and hot wallet).
The snapshot value is calculated based on the asset holding within the customer's account balances at the date and time of the snapshot.
We generate zk-SNARKs proof files for users so that each user can easily access their leaf node, providing transparency for all users.
We generate the underlying data block by linking the hashed UID and balance of each user. We then generate a Merkle tree based upon all users' data. The Merkle root will change if any account ID or balance in the leaf node changes. Every user can verify whether their assets are included in the leaf node.