Here is the latest update on Binance earnings and related developments as of May 12, 2025:
---
📊 Binance Financial Overview
Proof of Reserves: Binance's May 2025 Proof of Reserves report indicates a strong financial position, with the exchange holding 616,886 BTC compared to 604,886 BTC in customer balances, resulting in a reserve ratio of 102.06%.
Simple Earn Program: Binance has revamped its Simple Earn program in 2025, combining flexible savings, locked savings, and staking options. Users can earn attractive returns, with flexible savings offering 5–7% APR on stablecoins and locked savings providing up to 29.65% APR through Dual Investment.
---
📈 Market Trends
Bitcoin (BTC): As of May 9, 2025, Bitcoin is trading at $96,919, reflecting a 2.90% increase over the past 24 hours.
Ethereum (ETH): Ethereum has crossed the $2,500 mark after months of consolidation under $2,000, briefly touching the milestone before pulling back to the $2,470–$2,480 range.
---
🔍 Regulatory Developments
Nigeria Tax Case: A Nigerian judge has adjourned Binance's tax evasion case to May 12, 2025. The Federal Inland Revenue Service is seeking to compel Binance to pay $79.5 billion for economic losses and $2 billion in back taxes, alleging the exchange's operations have destabilized Nigeria's currency.
US Political Scrutiny: A group of Democratic senators has reportedly sent a letter to the US Department of Justice and the Treasury Department, expressing concerns about President Donald Trump’s ties to Binance and potential conflicts of interest in regulating the cryptocurrency industry.
---
🎁 User Engagement Initiatives
Binance Red Packet: On May 12, 2025, Binance is hosting its daily Red Packet event, allowing users to win crypto rewards by answering a question correctly. This initiative aims to engage the community and offer daily opportunities to earn.
ETH Milestone Campaign: To celebrate Ethereum crossing $2,500, Binance is offering users the chance to earn up to 50 USDT daily by participating in discussions and sharing ins
ights on the platform.
