According to Binance, on Nov. 12, the exchange's on-chain Tether (USDT) balance exceeded customer net account balances by approximately 1.06 billion tokens, with a reserve ratio of 104.34%. The Proof of Reserves snapshot, covering 198 tokens, marked the first complete reserve disclosure since the Oct. 29 security incident. A ratio above 100% indicates on-chain holdings exceed what customers would withdraw in aggregate.

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