CryptoMediaClub
Monday, October 27, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Binance sold USDC for BTC and ETH after Silvergate Bank collapse: PoR report

08.08.2023
A A
0
122
VIEWS
ShareShare

Cryptocurrency exchange Binance released its latest proof-of-reserves (PoRs) on Aug. 1, offering transparency into its crypto reserves. However, the movement of its USD Coin (USDC) reserves at the time of Silvergte’s collapse caught many people’s attention and became a topic of discussion on X (formerly Twitter).

The latest reserve audit suggests Binance holds more than enough crypto and cash to cover user funds. The ratio of Binance’s net balances to its customers’ net balances is more than 100% for all its assets as shown in the snapshot below.

Binance asset reserve ratio to customer funds. Source: Binance

While the report presents a healthy financial situation for Binance, its USDC reserve movements post-Silvergate collapse and the depeg of the stablecoin were the main topics of discussion. The PoR shows that Binance’s USDC balance decreased from $3.4 billion on March 1 to $23.9 million by May 1.

Binance reserves balance between December 2022–June 2023. Source: Binance

Binance started converting customer’s USDC to Binance USD in September internally, but at the time, it did hold a significant amount of USDC in its reserves as well. On-chain data suggests that right after Silvergate collapsed on March 12, Binance started converting its USDC reserves into Bitcoin (BTC) and Ether (ETH).

Twitter on-chain analyst Aleksandar Djakovic noted that Binance purchased approximately 100,000 BTC and 550,000 ETH between March 12 and May 1, totaling around $3.5 billion, the same amount as the surplus of USDC i had.

Binance didn’t respond to Cointelegraph’s requests for comments at the time of writing.

Related: USD-backed stablecoin pilot project launched by Pacific island nation of Palau

The revelation around Binance’s USDC reserves has become a hot topic, especially after Coinbase CEO Brian Armstrong quipped during the company’s Q2 earnings call meeting that Binance has sold USDC for another stablecoin.

PoRs have become a popular way for crypto exchanges to attest their holdings and share the same with the public as a way of transparency after the collapse of the FTX crypto exchange. Calls for more transparency grew in the crypto ecosystem after FTX became crippled despite founders claiming its financial situation was well-balanced until its collapse in November 2022.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express

Share9Tweet6ShareSharePin2

Related Posts

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei
Blockchain

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei

18.07.2025
0

Skip to content

Read moreDetails
Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

17.07.2025
LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

14.07.2025
Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

14.07.2025
Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
Load More
Next Post
Bitcoin bears ‘in control but exhausted’ as BTC price retakes $29K

Bitcoin bears ‘in control but exhausted’ as BTC price retakes $29K

2 1 vote
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Spot Bitcoin ETF Is Already Approved, Is Spot Ether ETF The Next?

Spot Bitcoin ETF Is Already Approved, Is Spot Ether ETF The Next?

2 years ago
dYdX v3 Hacked Amid Rumors of Protocol Sale

dYdX v3 Hacked Amid Rumors of Protocol Sale

1 year ago
BlackRock Bitcoin ETF Approval Inches Closer: Industry Insiders Share Insights

BlackRock Bitcoin ETF Approval Inches Closer: Industry Insiders Share Insights

2 years ago
Aptos (APT) Rises to the Top: Emerging as a Promising Long-Term Investment

Aptos (APT) Rises to the Top: Emerging as a Promising Long-Term Investment

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

China’s DeepSeek and Alibaba’s Qwen AI Beat Rivals in Crypto Trading Contest

Crypto Transfers Between Korean Exchanges and Cambodia’s Huione Jump 1,400x to $8.9M

Bitcoin Nears $116K as Stocks Rally on Signs of Thaw in US-China Trade Tensions

Sharplink Gaming Adds $80M in Ethereum to Strategic Reserve After Month-Long Lull

Ledger Faces Backlash Over New Multisig App Fees Despite Technical Upgrade

Your Crypto Isn’t Safe Outside the Blockchain, Vitalik Buterin Warns

Trending

[LIVE] Altcoin Season Price Watch, October 27 – Trending Altcoins Lag as Liquidity Clings to BTC
All news

[LIVE] Altcoin Season Price Watch, October 27 – Trending Altcoins Lag as Liquidity Clings to BTC

27.10.2025
0

The altcoin movement remains muted, with the Altcoin Season Index hovering around 28, indicating limited participation outside...

Michael Saylor’s Strategy Buys 390 BTC, Boosting Treasury to 640K BTC

Michael Saylor’s Strategy Buys 390 BTC, Boosting Treasury to 640K BTC

27.10.2025
Bitcoin rally smashes past $116k on softer Fed bets: What changes next?

Bitcoin rally smashes past $116k on softer Fed bets: What changes next?

27.10.2025
China’s DeepSeek and Alibaba’s Qwen AI Beat Rivals in Crypto Trading Contest

China’s DeepSeek and Alibaba’s Qwen AI Beat Rivals in Crypto Trading Contest

27.10.2025
Crypto Transfers Between Korean Exchanges and Cambodia’s Huione Jump 1,400x to $8.9M

Crypto Transfers Between Korean Exchanges and Cambodia’s Huione Jump 1,400x to $8.9M

27.10.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz