• Binance unveils Bitcoin reserves worth $9.59 billion in BTC against $9.48 billion of customer balance.
  • The exchange also announced the delisting of Serum's pairs with Bitcoin, USD and Tether, along with 16 other pairs.
  • Serum price registered an almost 10% decline in the hours following the delisting, trading at $0.265.

Binance has been pushing the envelope of transparency and support towards the crypto space and developers, respectively. In line with the same, the cryptocurrency exchange came forward with its Proof of Reserves (PoR) System. However, in the interest of protecting its investors, it also took a step in a lesser favorable direction.

Binance and its Bitcoin Proof of Reserves

Binance and its CEO Chengpang Zhao (CZ) announced the release of its Proof of Reserves System (PoR) on Friday. The PoR is Binance's way of providing evidence for the fact that the exchange covers all of its users' assets 1:1. 

Initially, the PoR has only been released for Bitcoin, but the exchange stated that updates about Ethereum (ETH), Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Binance Coin (BNB) would also be provided.

Binance’s Bitcoin Proof of Reserves

Binance’s Bitcoin Proof of Reserves

As per the data released by the exchange, Binance currently holds about $9.48 billion worth of BTC in the form of customer net balance. On the other hand, its on-chain reserves exceed $9.59 billion in value. This creates a 101% Reserve Ratio for the king coin, ensuring backup in case of a liquidity crisis that FTX faced, resulting in its eventual collapse.

Binance delists Serum

The downfall of FTX not only decimated the value of its native token FTT but also of Solana (SOL). A venture of its sister company Alameda Research, Solana hosts a ton of Decentralized Finance applications, one of which is Serum (SRM).

Earlier last week, the Solana Foundation announced that it held about 134.54 million SRM tokens, which are currently worth about $35.65 million. Soon after, the community decided to fork the project resulting in a 147% increase in price. 

However, on Friday, Binance also announced the delisting of SRM pairs with BTC, USD and USDT, as well as 16 other token pairs. This led to a sudden decline in Serum price, bringing SRM's value down by almost 10% in 24 hours.

Trading at $0.265, SRM is nearing its immediate support at $0.261. A bounce off of this level would provide it with the bullishness SRM needs to flip $0.307 resistance into support and rally toward $0.34.

SRM/USDT 4-hour chart

SRM/USDT 4-hour chart

Although, Serum price is still vulnerable to a fall due to recent developments. If SRM loses the support of $0.261, it could extend the decline to $0.193. Closing below this level would invalidate the bullish thesis, pushing the altcoin down to $0.133, resulting in an almost 50% crash. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Google, Apple could remove Binance from their app store on Philippines SEC request

Google, Apple could remove Binance from their app store on Philippines SEC request

The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds. 

More Binance News

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.

More Ripple News

Here’s why Ondo price hit new ATH amid bearish market outlook Premium

Here’s why Ondo price hit new ATH amid bearish market outlook

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.

More Cryptocurrencies News

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP