Quantcast

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

How Bitcoin’s record run could ignite a $2.5bn ‘powder keg’ of short interest
‘Tokenized Hedge Fund’ Rakes in Crypto Billions With 37% Yield
Marathon CEO Says Bitcoin's Upcoming Halving Event is Already Partially Priced In
Cryptocurrencies On Solana: Return To The Niche For Memecoins?
Spot bitcoin ETF cumulative trading volume crosses $200 billion
Monad raises $225M with its Ethereum compatible blockchain
Cardano Slips to 10th Position, Underperforming in a Surging Crypto Market – Market Updates Bitcoin News
Funding for blockchain startups on the rise with the crypto rally
Crypto investors now have better protection
Crypto investment products see record year-to-date inflows of $13.8 billion
Ripple chief sees crypto market doubling in value in 2024
AMF Threatens Bitget: Potential Block in France for Crypto Platform!
EU Watchdog Says Reordering Blockchain Transactions Might Be Market Abuse. Industry Says It's Not
The UK has a plan to help its financial industry seize $14tn tokenisation opportunity
7 Central Banks, including the Banque de France, are starting to explore tokenization to secure monetary exchanges
A European FinTech Hub Prepares to Get Tough on Crypto Companies
Crypto: Market Poised For Positive Second Quarter, Coinbase Says
Bank of England, FCA target autumn 2024 as earliest starting date for first UK Digital Securities Sandbox cohort
Binance breaks silence on Nigerian crisis by insisting detained exec has ‘no decision-making power’
Binance announces the listing of the Wormhole (W) token
D-7 before Paris Blockchain Week – What to expect?
Cryptocurrencies In Paris: Poubelle Coin And $ratp Invade The 2024 Olympics
Report by Bitget Reveals 1.5 Million Daily Active Crypto Traders in Western Europe
Global crypto funds rebound with nearly $900 million in net inflows last week
Stablecoin delistings in Europe spell change for crypto exchanges, issuers
Demystifying EU crypto legislation, insights from former Icelandic Central Bank chairman
Binance slammed with $35m money-laundering charge in Nigeria
Binance Introduces Ethena (ENA) as 50th Launchpool Project
FTX founder Sam Bankman-Fried sentenced to 25 years in prison
EU Markets Watchdog Steps Closer to Finalizing Rules Under MiCA
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