Quantcast

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

JPMorgan Warns of Further Bitcoin Decline Despite Recent Correction
Europe's Crypto Embrace Slowed, Watchdog Faces Resource Crunch
Greens’ push to end German cryptocurrency tax exemption sparks debate
French Energy Giant EDF Subsidiary Becomes Chiliz Blockchain Validator
N26 Launches New Cryptocurrency Trading Product, N26 Crypto
French Energy Giant EDF Subsidiary Becomes Validator on Chiliz Chain – Blockchain Adoption Rising?
Rise in crypto fund launches predicted as digital gains “acceptance”
EU threatens US hegemony of stablecoins and $140 billion market
Giggle Academy: Changpeng Zhao (CZ) presents his new entrepreneurial project
Crypto: France becomes one of the leaders in adoption!
Mintos Expands Its Reach And Officially Debuts In France And The Netherlands
Millionero wins Best Start Up Exchange Award at Crypto Expo Europe 2024, Romania
Galaxy Digital to launch new ETPs in Europe
Binance Launches Internal Investigation Following Reports of BOME Insider Trading
The bull run is just beginning according to Binance CEO
Binance offers $5M reward for insider trading tip-offs
Tether's USDT Gets Delisted on Crypto Exchange OKX for EU Users
Crypto.com's CEO believes bitcoin price in December 2020 phase of cycle
AI is worsening a €16bn tsunami of fake goods. The EU wants blockchain to help
EU publishes draft rules for stablecoin issuer complaint procedures
Steven Cohen's Point72 Ventures backs European crypto exchange D2X in $10m funding
France's Request Finance acquires crypto accounting fintech Consola Finance - FinTech Futures: Fintech news
OpenAI swoops up French and Spanish news partners for AI chatbot training
Javier García de la Torre: "2024 will be a year of cautious optimism in the crypto sector"
ECB Executive pens November 2025 rollout for digital Euro CBDC
Cryptocurrencies: The Eu Will Crack Down More Severely On Sanctions Violations
EU scraps proposed $1K payment limit for self-custody crypto wallets
EU Parliament Passes Sanctions Law Including Crypto, Aiming To Seal Loopholes Across 27 States
Global crypto investment products saw $2.7 billion record inflows last week
Can the digital euro actually find traction in Europe?
Binance CEO on transparency: 'Your assets, fully backed. No questions, no doubts'
Web3/Crypto
Webp   20250310t095847 734
Richard Teng, CEO of Binance | Binance

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.

Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

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.

Organizations Included in this History
More News

The Federal Financial Supervisory Authority (BaFin) has issued a warning concerning the website bitwelt.co, which is reportedly offering financial, investment, and crypto asset services without the required authorization.

Mar 18, 2025

The Federal Ministry of Finance of Germany has announced new guidelines on tax reporting and record-keeping for crypto assets, replacing its previous circular to clarify cooperation obligations and assessment procedures.

Mar 18, 2025

Georg Brameshuber, a cryptocurrency advisor, has expressed concerns over Germany's taxation policies on unclaimed staking rewards.

Mar 18, 2025

Tracking the latest price action across Bitcoin, Ethereum, Binance Coin, and more on March 16, 2025.

Mar 17, 2025

Rachel Conlan, Chief Marketing Officer at Binance, said that Binance Blockchain Week is a global event showcasing the broader crypto ecosystem and the strength of its community.

Mar 17, 2025

The Austrian Financial Market Authority (FMA) has announced a new edition of its consumer publication series, "Let’s Talk About Money," titled "Crypto, why s(ec)urely!"

Mar 17, 2025