Coinspeaker
Binance Traded USDC In for BTC and ETH Following Silvergate Collapse
Cryptocurrency exchange Binance provided a closer look into its reserves with the August 1 release of its proof-of-reserves (PoR). The move of Binance to dump its USD Coin (USDC) reserves after the collapse of Sivergate Bank has become a major topic of discussion in crypto circles online, particularly on social media platform X.
Overall, the PoR report paints a picture of good financial health for the exchange. It shows that Binance has enough crypto and cash reserves to cover user funds. The report includes a snapshot of the ratios of Binance’s net balances to its customers’ net balances for cryptocurrencies Bitcoin, Ethereum, BNB, USDT, BUSD, USDC, Litecoin and XRP. The ratio of the exchange’s net balances to user net balances on all crypto assets shown is more than 100%.
A main point of discussion online is the movements of Binance’s USDC reserves following the collapse of crypto-friendly Silveg
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