Binance Completes Zero-Knowledge Proof of Reserves for 10 Assets

Five days after a record $6.3 billion hack, Binance has given customers something they can check for themselves. Binance Completes Zero-Knowledge Proof of reserves for 10 assets, so users can now verify that their balances in those assets are backed at least 1:1. The covered assets include BTC, ETH, BNB, XRP, SOL, ZEC, and four stablecoins. A bigger snapshot is planned for November 4, and more withdrawals are due to reopen today, November 3, 2026. Security professionals, including those who study for a Certified Cybersecurity Expert credential, know that checkable evidence builds more trust than promises. This guide explains what Binance announced, how zero-knowledge proofs work, what they can and cannot show, and what to watch next. It is information, not financial or legal advice, and details may change.

What Did Binance Announce?

On November 2, 2026, Binance said it had completed a zero-knowledge proof for its reserve snapshot taken at 00:00 UTC on October 31, two days after the breach. Co-CEO Richard Teng posted on X that the latest Proof of Reserves verification was complete. The proof came earlier than the exchange's November 3 estimate.

The 10 Covered Assets

Binance says user balances in each of these assets are backed at a ratio of at least 1:1. Users can check their own balances through the verification tool on Binance's official Proof of Reserves website.

Other Points From the Update

• Replenishment: Binance said about 95 percent of the assets affected by the incident have been replenished, unchanged from November 1. The 10 listed assets were fully replenished. The remaining 5 percent sits in less liquid tokens outside the list, and Binance is working with industry partners to buy them.

• Next snapshot: Binance plans another snapshot on November 4 covering more tokens.

• Withdrawals: It expects to reopen more networks and assets in a gradual phase on November 3, with details to come.

What Is a Zero-Knowledge Proof of Reserves?

Proof of reserves means showing that an exchange holds enough assets to match what it owes customers. A zero-knowledge proof adds privacy. It proves that a claim is true without revealing the private data behind it. In this case, Binance proves the reserves match customer balances without publishing every person's balance.

Learners who explore Cryptocurrency Certifications study how blockchains and cryptographic tools record and verify ownership, which helps explain why this approach works.

The Two Building Blocks

Binance uses two tools together:

1. Merkle tree: A way of organizing every customer balance into a structure that can be summarized by one short number. Each customer gets a path through the tree that can be checked.

2. zk-SNARK: A type of zero-knowledge proof that is short and fast to verify. It shows that the balances in the tree add up correctly and that reserves cover them.

Why Does It Take So Long?

Creating the proof requires heavy computation. Binance co-CEO Yi He said the time depends on the number of tokens, and that generating the full proof takes about 40 to 50 hours after a snapshot is complete. That explains the delay between a snapshot and its verification.

How Can You Verify Your Own Balance?

You do not need to trust a headline. The proof lets users check their entries.

• Go to Binance's official Proof of Reserves page. Type the address yourself or use a saved bookmark, not a link from a message.

• Find the verification section. Follow the instructions on the page.

• Check that your balance appears in the covered asset's data.

• Confirm the reserves shown for each of the 10 assets.

• Note the snapshot date. This report refers to October 31, 2026, at 00:00 UTC.

Independent researchers can also verify the proof and the wallet addresses, which adds another layer of checking. Be careful of scams. Binance has warned users about withdrawal scams while services resume.

What Does "Backed at Least 1:1" Mean?

A 1:1 ratio means that for every unit customers hold, the exchange holds at least one unit in reserve. If customers hold 100 BTC in total, the exchange should hold at least 100 BTC.

For the 10 listed assets, Binance says the ratio is at least 1:1. That is a strong claim, and the proof makes it testable. It still needs context, which the next sections provide.

What Does the Proof Not Cover?

Experts stress that proof of reserves has limits. Cryptotimes noted that the proof gives information about reported asset backing but does not, by itself, establish an exchange's full financial position.

The Timing Question

The snapshot sits two days after the hack and before customers withdrew billions. Some observers argue that a later snapshot will matter just as much, because it will show whether reserves held up through the rush. The planned November 4 snapshot should help answer that.

Reserve Totals Can Move

Reserve levels change when customers withdraw or deposit. One outlet reported that Binance's USDT reserves fell by about 8 percent in the narrower report compared with an earlier one. A drop like that is not alarming by itself if customer balances fell too. The key is the ratio, not the raw total.

Why Does Zero-Knowledge Matter for Privacy and Trust?

A plain list of every customer balance would expose private information, and exchanges cannot publish that. Zero-knowledge proofs solve the problem. They let Binance show that the math works without naming who owns what. Each user can still check that their own balance was counted, and outsiders can check that the totals add up. That combination gives the public a way to test the claim, not just trust it.

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How Does This Compare With Earlier Proof-of-Reserves Reports?

Binance first launched proof of reserves in November 2022, after the collapse of FTX shook trust in exchanges, and it later added zero-knowledge methods. Its October 1, 2026 monthly report showed reserve ratios of about 100.35 percent for BTC, 100.00 percent for ETH, and 103.88 percent for USDT. The new proof covers 10 assets, including newer entries such as ZEC, USD1, and RLUSD, and it is tied to a snapshot taken after the hack. That makes it a more targeted check, designed to answer a specific question: are customer balances still fully backed after the breach?

What Do Experts Say Is Still Missing?

Analysts often point to the same gaps. They want independent audits that look at the whole balance sheet, including debts and other obligations. They want proof covering every asset customers hold, not only the largest ones. They want regular snapshots, since a single date can miss later changes. They also want Binance's technical post-mortem so they can judge how the attack happened and whether the fixes are strong. None of these points cancels the value of the new proof. They simply show what the next steps should be.

What Comes Next: November 3 Withdrawals and the November 4 Snapshot

Bitcoin withdrawals reopened first on November 1, followed by selected assets on Ethereum and BNB Smart Chain, according to reports. Binance has said more will follow as security and readiness checks finish.

How Does This Fit Into the Recovery So Far?

The proof of reserves is one step in a longer recovery.

What Official Announcements and Sources Should You Use?

Official news comes from Binance's own channels and from independent checks.

• Binance's official X account and co-CEO posts: Richard Teng and Yi He have posted the key updates on the proof and the timeline.

• Binance's recovery updates: Numbered security incident updates describe replenishment, withdrawals, and next steps.

• Binance's Proof of Reserves site: Binance Proof of Reserves holds the verification tool.

• Independent reporting: Outlets such as The Block, Crypto.news, and Cryptotimes have covered the announcement.

Always compare Binance's claims with independent analysis. Binance's figures are its own disclosures, and the upcoming post-mortem and any outside reviews will add more context.

What Should Users Do Today?

• Use official links only. Scammers copy Binance pages and send fake verification or withdrawal links.

• Verify your own entry on the official Proof of Reserves page.

• Check which networks and assets have reopened before you try to withdraw.

• Double-check addresses and networks before every transfer, since blockchain mistakes are permanent.

• Avoid rushed decisions. Panic can lead to errors.

• Keep records of your balances and transactions.

• Spread risk if you hold large amounts, and learn self-custody carefully before using it.

What Should You Watch Next?

• The November 3 withdrawal reopening and its details.

• The November 4 snapshot and its wider token coverage.

• The updated proof 40 to 50 hours later.

• Progress on replacing the remaining 5 percent.

• Binance's technical post-mortem and any independent review.

• Updates on frozen funds and the investigation.

Remember that early reports can change. Dates, asset lists, and figures may be updated as Binance publishes new recovery notes, so compare several reliable sources and check the official Proof of Reserves page before you share or act on any claim.

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Conclusion

Binance Completes Zero-Knowledge Proof of reserves for 10 assets, and that matters because users can now check their balances themselves. The proof says BTC, ETH, BNB, XRP, SOL, ZEC, and four stablecoins are backed at least 1:1 as of the October 31 snapshot. Binance also says about 95 percent of the affected assets are replenished, more withdrawals open today, and a wider snapshot follows on November 4.

The proof is a strong step, but not the final answer. Trust after a major breach is rebuilt through repeated, verifiable evidence over time, so users, regulators, and independent experts will keep watching each new report. It covers only 10 assets, a single moment, and customer balances rather than the whole company. The November 4 snapshot, independent reviews, and the promised post-mortem will fill in more of the picture.

Clear communication is part of rebuilding trust. Customers need plain explanations of what a proof shows and what it leaves out. A recognised Marketing Certification can help professionals explain technical updates honestly and build confidence over time.

FAQs

1. What is Binance's latest Proof of Reserves announcement?

Binance announced on November 2, 2026, that it had completed the zero-knowledge Proof of Reserves (PoR) verification for its October 31 reserve snapshot. The verification covers ten major cryptocurrencies and allows users to independently check whether their balances are backed by reserves of at least 1:1.

2. Which 10 cryptocurrencies are included in Binance's latest verification?

The verification covers:

• Bitcoin (BTC)

• Ethereum (ETH)

• Tether (USDT)

• BNB

• Solana (SOL)

• USD Coin (USDC)

• XRP

• USD1

• Ripple USD (RLUSD)

• Zcash (ZEC)

Binance says these assets have reserve coverage of at least 100% in the October 31 snapshot.

3. What is Zero-Knowledge Proof of Reserves?

Zero-Knowledge Proof of Reserves is a cryptographic verification method that helps demonstrate whether an exchange holds sufficient assets to cover customer balances without revealing private account information. It allows users to check reserve backing without exposing individual holdings.

4. How does Binance use zero-knowledge proofs?

Binance combines Merkle Tree technology with zk-SNARKs. Merkle Trees help users verify that their account balances are included in the published snapshot, while zk-SNARKs provide cryptographic evidence that the covered assets meet the required reserve ratio without revealing individual balances.

5. What does 1:1 reserve backing mean?

A 1:1 reserve ratio means an exchange holds at least one unit of an asset for every unit of that asset represented by covered customer balances. For example, if customers hold 1,000 BTC in total, the exchange should have at least 1,000 BTC in corresponding reserves.

6. Why is Binance completing Proof of Reserves verification important?

The verification provides customers with a way to independently check reserve backing rather than relying entirely on exchange statements. It can strengthen transparency and accountability, particularly during periods of market uncertainty or security incidents.

7. What happened in the Binance security incident?

Binance disclosed unauthorized withdrawals from its hot wallets on October 29, 2026. The exchange estimated the incident's financial impact at approximately $6.3 billion and began recovery measures, including replenishing affected assets and temporarily restricting withdrawals.

8. Has Binance replenished all the assets affected by the security incident?

No. Binance reported that approximately 95% of the affected amount had been replenished. The remaining 5% consists mainly of less-liquid tokens that take longer to acquire in the required quantities.

9. Does 95% replenishment mean Binance has recovered 95% of the stolen funds?

No. Replenishment and recovery are different. Replenishment means Binance has replaced affected customer assets using its own resources. Recovery refers to retrieving funds taken by the attacker. The reported 95% figure relates to asset replenishment, not the recovery of stolen cryptocurrency.

10. How can Binance users verify their cryptocurrency balances?

Users can access Binance's official Proof of Reserves website, log in to their accounts, and download the verification tool. They can then run the verification process on their own computers to check whether their balances are included and backed in the published snapshot.

11. What is a Merkle Tree in blockchain verification?

A Merkle Tree is a data structure that organizes information into cryptographic hashes. It allows users to verify whether a specific record, such as an account balance, is included in a larger dataset without accessing every individual record.

12. What are zk-SNARKs?

zk-SNARKs stands for Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge. These cryptographic proofs allow one party to demonstrate that a statement is valid without revealing the underlying private information used to establish it.

13. Does Proof of Reserves guarantee that Binance is financially solvent?

No. Proof of Reserves provides evidence about covered assets and customer liabilities at a particular snapshot. It does not independently establish the exchange's complete financial position, including all liabilities, debts, off-chain obligations, and operational risks.

14. Why are some cryptocurrencies taking longer to replenish?

The remaining affected assets are less liquid, meaning fewer tokens may be available for purchase at the required scale. Binance says it is working with industry partners and using market purchases and over-the-counter transactions to acquire the outstanding amounts.

15. What is Binance's SAFU fund?

SAFU stands for Secure Asset Fund for Users. It is Binance's emergency protection fund, designed to help protect users in extreme situations. Binance has identified SAFU, its Futures Insurance Fund, and corporate treasury resources as part of its asset-replenishment efforts.

16. Has Binance resumed cryptocurrency withdrawals?

Binance began restoring withdrawals in stages on November 1, 2026, following security and operational checks. Additional networks and assets were scheduled for progressive restoration from November 3. Availability depends on the specific cryptocurrency and blockchain network.

17. When will Binance publish its next Proof of Reserves snapshot?

Binance plans to take another reserve snapshot on November 4, 2026, covering additional cryptocurrencies. The exchange estimates that generating the accompanying zero-knowledge proof will take approximately 40 to 50 hours.

18. How does Zero-Knowledge Proof of Reserves protect user privacy?

Zero-knowledge proofs allow users to verify specific claims about reserve backing without revealing individual account balances. Combined with Merkle Tree verification, the system helps establish that customer assets are included in the reserve records while keeping personal financial information private.

19. Can other cryptocurrency exchanges use zero-knowledge Proof of Reserves?

Yes. Other cryptocurrency exchanges and digital asset platforms can implement zero-knowledge cryptographic systems to improve reserve transparency. However, the effectiveness of any system depends on its implementation, the accuracy of reported liabilities, and independent scrutiny.

20. What does Binance's latest verification mean for the future of cryptocurrency transparency?

Binance's latest verification highlights the growing importance of cryptographic accountability in centralized cryptocurrency exchanges. As digital asset adoption expands, technologies such as zk-SNARKs and Merkle Trees could help make reserve verification more accessible, private, and independently auditable.