Binance Claims Full 1:1 Coverage With Zero-Knowledge Proof of Reserves

Binance says its upgraded zero-knowledge Proof of Reserves system now lets users independently verify that the exchange holds sufficient assets to cover their account balances on a 1:1 basis. The announcement follows a recent attack on the platform and arrives while withdrawals are still being restored in batches, with the final phase scheduled for next week.

The upgrade covers all assets affected by the attack, according to the exchange. Binance published snapshots showing reserves above users' net account balances across six major cryptocurrencies: Bitcoin, Ethereum, Tether (USDT), BNB, Solana (SOL), and USDC.

How solid are the reserve ratios?

Binance disclosed its Bitcoin reserves stand at 100.05% of net user balances — roughly 688,283 BTC held against 687,912 BTC owed to users. The surplus works out to about 371 BTC, a margin thin enough that any large outflow could temporarily push the ratio below full coverage.

The pattern repeats across the other assets:

• Ethereum: 100.02%
• BNB: 100.39%
• USDC: 100.07%
• USDT: approximately 104.34%
• Solana: approximately 105.86%

The stablecoin and Solana cushions are materially wider, meaning Binance holds several percentage points more of these assets than the total owed to users. The Bitcoin and Ethereum margins, by contrast, sit within half a percent of the break-even line.

What does the proof actually cover?

Binance specified that the Proof of Reserves covers only assets held in custody on behalf of users, not the exchange's entire corporate holdings. That distinction matters. A full-coverage signal for customer balances does not describe the solvency of the company itself, and the disclosure leaves corporate treasury positions outside the verification scope.

The zero-knowledge mechanism, as described by the exchange, allows users to confirm inclusion of their balances without exposing account data to third parties. Binance has not published independent third-party attestation details in this announcement, so users currently rely on the exchange's own snapshots for the stated ratios.

In plain terms: customers can now check that their balances are backed, but the check stops at custodial assets.

Why now?

The upgrade is part of a broader effort to rebuild user trust after the recent attack. Binance says it has continued to replenish all affected assets and tighten security while withdrawals return in phases. The exchange frames the reserve disclosures as evidence of its operating standards; skeptics will note the ratios are self-reported snapshots rather than continuous, audited figures.

Withdrawal restoration remains the near-term test. The last batch is scheduled to complete next week, and any renewed suspension or a ratio dip below 100% would undercut the recovery narrative the exchange is building. Users watching the 100.02% Ethereum margin should expect that number to draw scrutiny once the final withdrawal phase clears.