Binance CEO on transparency: 'Your assets, fully backed. No questions, no doubts'

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Binance CEO on transparency: 'Your assets, fully backed. No questions, no doubts'

Web3/Crypto

Richard Teng, CEO of Binance | Binance

By Crypto Republique

Mar 11, 2025

Richard Teng, CEO of Binance, said that the company's March Proof of Reserves update reaffirms its "commitment to transparency," with Bitcoin (BTC) at 100.77%, Ethereum (ETH) at 100.00%, and Binance Coin (BNB) at 110.92%. The statement was made on X on March 10.

"New month, same commitment to transparency," said Teng. "March Proof of Reserves update: BTC: 100.77%, ETH: 100.00%, BNB: 110.92%, USDT: 104.42%, TRUMP (New!): 100.38%. Your assets, fully backed. No questions, no doubts."

According to Binance's official announcement on March 7, 2025, the exchange released its 28th Proof of Reserves report, reaffirming that all user assets remain fully backed. The report indicates that user Bitcoin assets total 628,252 BTC, reflecting a 2.02% increase from the previous month. Similarly, Ethereum holdings reached 5.617 million ETH, marking a 0.59% rise, and Tether (USDT) assets grew by 7.45% to 29.4 billion USDT. These figures demonstrate Binance's ongoing commitment to transparency and user asset security.

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In its March 2025 Proof of Reserves report, Binance included the TRUMP coin for the first time, reflecting the exchange's comprehensive approach to transparency. The TRUMP coin, a political meme token associated with former U.S. President Donald Trump, shows a reserve ratio of 100.38%. This inclusion demonstrates Binance's commitment to providing assurance to users holding a diverse range of assets on its platform.

This announcement comes amid heightened concerns over cryptocurrency exchange security following a significant breach at Bybit. On February 21, 2025, Bybit experienced a security breach resulting in the theft of approximately $1.5 billion worth of Ethereum. According to the Federal Bureau of Investigation (FBI), the attack was orchestrated by North Korea's Lazarus Group, also known as TraderTraitor. The hackers employed sophisticated malware to manipulate Bybit's transaction processes, diverting funds to addresses under their control.

Teng is a seasoned executive with over three decades in financial services and regulatory sectors and became the CEO of Binance in November 2023. Prior to this role, he served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market and held senior positions at the Singapore Exchange and the Monetary Authority of Singapore. Teng's extensive experience is expected to guide Binance through its next phase of growth and regulatory compliance.

Founded in 2017, Binance has rapidly grown to become the world's largest cryptocurrency exchange by trading volume. The platform offers a wide array of services including spot and derivatives trading, staking, and decentralized finance services. Binance's commitment to transparency and security has played a pivotal role in its expansion and user trust globally.