According to a report from Cloudflare, Binance peaked at 3rd place on November 12-13, right after the U.S. presidential election. However, the platform stabilized at 6th place, rising two spots from last year's 8th position.

Meanwhile, PayPal dropped to 4th place, down from 2nd place last year. In contrast, TradingView rose to 2nd place, while Alipay – China's online and mobile payment platform – took 3rd place.

Notably, Nubank, a Neobank (fully online) in Brazil, has entered the top 10 for the first time in 5th place, considered the most valuable in the list. Nubank is now one of the largest financial groups in Latin America and the largest digital bank in the world.

Binance's 25th proof of reserves report indicates a strong reserve ratio for Bitcoin (108.21%), ETH (102.68%), and USDT (108.96%). These reports, now regularly conducted by Binance and other exchanges, are efforts to demonstrate that users' funds are fully backed and accessible at any time, rebuilding trust after the shocking collapse of the FTX exchange.

Binance released its latest proof of reserves report on Tuesday, providing users with a detailed overview of the platform's asset reserves as of December 1, 2024. The results show a trend associated with major cryptocurrencies like Bitcoin, ETH, and USDT at this stage of the market cycle.

As of the data reporting date, Binance maintains a Bitcoin reserve ratio of 108.21%, with 627,745 BTC in reserves compared to 580,111 BTC in user balances. This reserve ratio exceeds 100%, ensuring Binance's reserves are sufficient to meet any withdrawal requests from users.

Similarly, Binance's ETH reserves are also impressive with a ratio of 102.68%. The exchange holds 5,078,355 ETH, while user balances are 4,945,692 ETH, ensuring liquidity when customers request withdrawals, while maintaining platform stability.

Binance's USDT reserves also reached 108.96%, reflecting the exchange's ability to handle large trading volumes for stablecoins – a crucial component of the crypto market.

Additionally, the reserve ratio for BNB is 105.54%, reaffirming Binance's commitment to safeguarding customer assets. Overall, Binance maintains a reserve ratio above 100% for key assets, reinforcing the platform's reliability and stability.

Changes in reserves

The report also highlights changes in the amount of assets held by Binance over the past month. Bitcoin reserves decreased by 4.68%, with user assets falling from 608,586 BTC last month to 580,111 BTC. This drop of 28,475 BTC indicates a change in user behavior, as they have tended to increase withdrawals recently.

On the other hand, ETH reserves increased by 5.24%, reaching 4.94 million ETH. The growth of 246,174 ETH indicates that users are becoming increasingly optimistic about ETH or actively using Binance for Ethereum-based transactions, especially in the DeFi ecosystem.

USDT rose 20.93% to $25.22 billion, as USDT is one of the most widely used stablecoins in the market. This increases the use of USDT reserves for trading.

However, BNB reserves decreased by 2.15%, with the number of users holding falling to 37.12 million BNB.

The collapse of FTX in 2022 has driven demand for enhanced transparency among participants in the crypto industry. Since then, Binance, along with other exchanges, has committed to regularly publishing proof of reserves reports, providing clear information about the amount of assets held by the platform. This transparency helps ensure a commitment to the safety of users' funds and provides peace of mind across the market.