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How can we be sure that what's in those wallets is 10% of what it should be rather than 1%? AFAIK, none of the documents from Binance are public, especially reg

How can we be sure that what's in those wallets is 10% of what it should be rather than 1%? AFAIK, none of the documents from Binance are public, especially regarding their finances.

latchkey 4y ago
Not sure I understand. WalletA has $300m BUSD and WalletB has $420m BTC. Both wallets are 'owned' by Binance. This is lower than the $1b funding on Jan 29th, 2022, but it is still a significant amount of "real" (if you believe crypto has value) funds. This is just an insurance fund that we are talking about here. I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize this isn't perfect. https://www.binance.com/en/proof-of-reserves https://www.binance.com/en/proof-of-reserves There is also some interesting compliance stuff going on in Ceffu. https://www.binance.com/en/blog/ecosystem/ceffu-formerly-binance-custody-completes-its-soc-2-type-2-attestation-2935392642110815781 https://www.binance.com/en/blog/ecosystem/ceffu-formerly-bin... https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc-2-attestation https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc... https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insurance https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insura...
- codetrotter 4y ago
  I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?
  - latchkey 4y ago
    I see, thanks for the correct clarification. I believe that the OP was incorrect in their statement. It was originally allocated with 10%, not stated to be maintained at 10%. https://cointelegraph.com/news/binance-tops-up-safu-fund-at-1-billion-amid-price-fluctuations https://cointelegraph.com/news/binance-tops-up-safu-fund-at-... "Binance’s SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time."
  - anonymouskimmer 4y ago
    And another question is how do we know those wallets were funded with fees? We need to trust the accuracy of the proof of assets versus liabilities.

How can we be sure that what's in those wallets is 10% of what it should be rather than 1%? AFAIK, none of the documents from Binance are public, especially regarding their finances.

latchkey 4y ago

Not sure I understand. WalletA has $300m BUSD and WalletB has $420m BTC. Both wallets are 'owned' by Binance. This is lower than the $1b funding on Jan 29th, 2022, but it is still a significant amount of "real" (if you believe crypto has value) funds. This is just an insurance fund that we are talking about here. I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize this isn't perfect. https://www.binance.com/en/proof-of-reserves https://www.binance.com/en/proof-of-reserves There is also some interesting compliance stuff going on in Ceffu. https://www.binance.com/en/blog/ecosystem/ceffu-formerly-binance-custody-completes-its-soc-2-type-2-attestation-2935392642110815781 https://www.binance.com/en/blog/ecosystem/ceffu-formerly-bin... https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc-2-attestation https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc... https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insurance https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insura...

codetrotter 4y ago
I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?
- latchkey 4y ago
  I see, thanks for the correct clarification. I believe that the OP was incorrect in their statement. It was originally allocated with 10%, not stated to be maintained at 10%. https://cointelegraph.com/news/binance-tops-up-safu-fund-at-1-billion-amid-price-fluctuations https://cointelegraph.com/news/binance-tops-up-safu-fund-at-... "Binance’s SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time."
- anonymouskimmer 4y ago
  And another question is how do we know those wallets were funded with fees? We need to trust the accuracy of the proof of assets versus liabilities.