Analysis. Binance's reserve page is relevant to assessing the exchange after the security incident, but an earlier snapshot cannot independently answer what its backing looks like now.

The date comes before the ratio

When checked at approximately 06:03 UTC on October 30, Binance's Proof of Reserves page displayed an October 1, 2026, 00:00 UTC snapshot. It showed an ETH reserve ratio of 100.00% and a USDC ratio of 108.26%.

Those are historical, asset-specific figures. They should not be relabeled as a live post-incident assessment. Binance's methodology describes taking account balances at the snapshot's date and time.

Subtracting an attack-day outflow from an earlier reserve total while leaving the earlier account-balance figure unchanged would require assumptions about everything that happened between the dates. Deposits, withdrawals, changes in covered balances and any replenishment would all matter. Without aligned data, the result is a scenario calculation, not an observed current ratio.

Read what the denominator includes

Binance changed its presentation in January 2026 to include platform-owned assets in net account balances. The exchange said the previous exclusion had inflated the displayed reserve ratio.

Consequently, readers should not casually rename the published denominator as customer liabilities alone. Understanding the stated scope is necessary before comparing percentages or inferring the size of a corporate financial cushion.

A proof is not a full financial audit

In a 2023 advisory, the PCAOB's Office of the Investor Advocate warned that proof-of-reserve engagements are not financial statement audits and can leave important questions about liabilities and asset availability unanswered. That was a general warning, not a new finding about Binance.

A useful post-incident assessment needs current assets and corresponding account balances measured on a consistent basis, alongside clear scope and custody disclosures. Neither an old ratio nor an assumed shortfall alone establishes the exchange's present solvency.

For confirmed incident developments, see our main report. Our custody guide explains the responsibilities that remain with an intermediary holding customer assets.

Analysis dated October 30, 2026. Reserve-page snapshot checked at approximately 06:03 UTC; no current backing ratio is calculated here.