{"id":20850,"date":"2023-08-08T09:48:31","date_gmt":"2023-08-08T09:48:31","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/binance-sold-usdc-for-btc-and-eth-after-silvergate-bank-collapse-por-report\/"},"modified":"2023-08-08T09:48:33","modified_gmt":"2023-08-08T09:48:33","slug":"binance-sold-usdc-for-btc-and-eth-after-silvergate-bank-collapse-por-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/binance-sold-usdc-for-btc-and-eth-after-silvergate-bank-collapse-por-report\/","title":{"rendered":"Binance sold USDC for BTC and ETH after Silvergate Bank collapse: PoR report"},"content":{"rendered":"
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\u2019s collapse caught many people\u2019s attention and became a topic of discussion on X (formerly Twitter).<\/p>\n
The latest reserve audit\u00a0suggests Binance holds more than enough crypto and cash to cover user funds. The ratio of Binance\u2019s net balances to its customers\u2019 net balances is more than 100% for all its assets as shown in the snapshot below.<\/p>\n