Binance has published its September Proof of Reserves snapshot, with major assets showing reserve coverage at or above the customer balances included in the disclosure. BTC, ETH, USDT and BNB all recorded reserve ratios of at least 100% as of September 1, continuing the exchange’s monthly transparency disclosures around assets held in custody for users.
A Binance Square post summarizing the September figures lists BTC coverage at 100.16%, ETH at 100.00%, USDT at 102.91% and BNB at 100.51%. The snapshot shows Binance reporting sufficient corresponding assets to cover the net customer balances represented in those four categories, rather than a shortfall against the liabilities included in its PoR calculation.
Bitcoin and USDT Remain Fully Covered
For Bitcoin, Binance reported approximately 682,355.6 BTC in user net balances against about 683,448.5 BTC held in corresponding wallets. That produces a BTC reserve ratio of 100.16%, leaving reported reserves modestly above the customer balance included in the snapshot. The figures represent balances at a specific point in time rather than a continuous measure of assets held throughout the month.
Ethereum coverage stood almost exactly at parity, with roughly 3.983 million ETH represented on each side of the calculation. USDT carried a larger buffer at 102.91%, while BNB reserves exceeded reported customer balances by approximately 0.51%. Binance uses Merkle trees together with zk-SNARK proofs so individual users can verify that their account balances were included without revealing the balances of other customers.
The September disclosure follows a methodology update introduced earlier this year. Binance changed the way net account balances are presented in January 2026 to include platform-owned assets that had previously been excluded from that calculation, saying the adjustment was intended to avoid inflated reserve ratios and provide a clearer representation of 1:1 backing.
Proof of Reserves Remains a Snapshot
Proof of Reserves is designed to demonstrate that identifiable assets held by an exchange cover the customer balances included in the disclosure. It is not equivalent to a comprehensive financial-statement audit of Binance’s entire corporate balance sheet, because PoR does not independently establish every off-chain liability, loan, operational obligation or internal control across the wider business. Binance itself describes the process specifically as evidence covering assets held in custody for users.
Binance takes its monthly account snapshot on the first day of each month at 00:00 UTC and generally publishes the resulting verification data by the seventh. The recurring value of the disclosure lies in users being able to compare customer liabilities with published reserve assets and independently verify inclusion through the Merkle and zk-SNARK system. Future reports will show whether coverage remains above parity as customer balances and exchange wallets continue to change.