Binance says it has completed a zero-knowledge proof for ten cryptocurrencies in its latest Proof of Reserves snapshot, providing customers with an additional means of checking reserve backing following the exchange’s $6.3 billion security incident.
In its November 2 announcement, Binance said the verification includes 
Bitcoin market price and chart (BTC), Ether (
ETH market price and chart), 
Tether market price and chart (USDT), 
BNB market price and chart, Solana (SOL), USDC, XRP, USD1, RLUSD and Zcash (ZEC).
Binance Extends Cryptographic Verification
The proof relates to a snapshot captured at 00:00 UTC on October 31. According to the exchange, users can independently check that their balances were included and that the covered asset balances are backed at a minimum 1:1 ratio for the snapshot.
Zero-knowledge cryptography enables verification without exposing individual users’ private balances. Proof of Reserves is not, however, the same as a comprehensive independent financial audit, and the snapshot does not establish reserve adequacy at every subsequent moment.
Asset Recovery Remains in Progress
The exchange said approximately 95% of impacted assets had been replenished, with the remaining portion including less liquid assets requiring additional work. Binance expects to take another reserve snapshot on November 4 to extend coverage and said the next proof generation could take approximately 40 to 50 hours.
Binance has also outlined a phased restoration of withdrawals on additional networks as it works through incident recovery. Its security incident disclosure provides the company’s initial account of the breach. An independently assessed final incident report remains an important outstanding milestone.
For users, the immediate distinction is between verifiable reserve figures for a specific snapshot and the broader question of whether the exchange has fully completed its security and operational recovery.
What a Proof of Reserves Can Show
The purpose of a cryptographic proof is to let users verify specified facts about a dataset without revealing private account information. In this setting, a customer can check whether an account balance was incorporated into the relevant reserve calculation. This provides a form of transparency that is different from publishing a simple exchange-controlled balance sheet.
There are important limits. The quality of a proof depends on the scope and integrity of the underlying snapshot and the accuracy of the liabilities it represents. A proof covering ten named tokens does not necessarily establish the status of every listed asset, every corporate obligation or activity after the snapshot time. Readers should therefore avoid treating one cryptographic check as an audit of the exchange’s full financial condition.
Why the Snapshot Date Is Significant
The October 31 timestamp defines the moment to which the announced verification applies. Customer balances, withdrawals, deposits and exchange reserves can change after a snapshot. Binance’s plan for a later snapshot is relevant because it could offer a newer view of selected balances during the continuing recovery, but each report still needs to be evaluated on its own coverage and methodology.
For customers, the practical sequence is to check Binance’s published proof-verification instructions, confirm that their asset is in the supported set, and understand whether the result verifies an individual balance inclusion or a broader reserve ratio. These are related but distinct checks.
Separate Financial and Security Questions
The reserve update and the October incident address different questions. A reserve snapshot concerns reported backing at a stated point in time. A security investigation concerns how an attacker gained access, which systems were affected and what controls will prevent a recurrence. Progress on one issue does not automatically resolve the other.
The exchange’s reported replenishment figure is a company disclosure, not an independently verified determination of recovery completion. Further evidence could include subsequent proof snapshots, a detailed incident report and clarification of outstanding asset restrictions. Until then, customers should distinguish the assets included in the announced verification from any broader conclusions about operational restoration.
