Binance Proof of Reserves, November 2026: What to Check

Binance says it plans to publish a new Proof of Reserves (PoR) snapshot around Monday, November 2, 2026, as part of its response to the October 30 security incident (Security Incident Update #2, announced 2026-10-31, checked 2026-10-31). Here is what that snapshot can and cannot prove, and how to check it yourself instead of taking a headline number on trust.

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What did Binance actually promise?

In its October 31 update, Binance said two things worth separating: it has already set aside more than USD 6.34 billion to cover the incident, with about USD 5 billion of that held in the stolen token types, and it plans to publish an initial PoR snapshot with results expected Monday, November 2, 2026. The full technical post-mortem is expected on a separate, slightly longer timeline (about 48 hours from the October 31 notice).

What does Proof of Reserves actually verify?

Binance's PoR already runs as a public program, not a one-time response to this incident^†. The mechanism, in plain terms: an exchange publishes a Merkle-tree snapshot of customer balances, and lets individual users check that their own account is included in that total. A matching on-chain holding at the same date is supposed to show the exchange holds what it claims to owe customers, for the assets checked, on that date.

What it is NOT:

1. Not a live, continuous guarantee. A PoR snapshot is a photograph of one date. Reserves can change the next day, and nothing in the mechanism stops that.
2. Not an audit of liabilities. Most PoR programs, Binance's included, show that assets exist. They are weaker at proving every liability (what the exchange owes) is counted — a platform could in theory omit a liability and still pass a reserves-only check.
3. Not proof the exchange is free of operational risk. Binance's own incident happened despite its existing PoR program running throughout; PoR verifies balances, not security practices.
4. Not independently audited in every case. Some exchanges use a named third-party auditor for every report; others self-publish. That distinction matters for how much weight to put on the number.

How does Binance's PoR compare with other exchanges that publish one?

Verification quality varies more than the headline "we have Proof of Reserves" claim suggests. Here's what we could verify from each platform's own PoR materials:

The pattern worth noting: KuCoin and Bybit both name Hacken as an independent auditor with a long monthly track record. Bitget and MEXC publish numbers without naming an independent auditor in the sources we checked, which doesn't make the numbers false, but it does mean you're trusting the exchange's own report rather than a third party's sign-off.

How to check the November 2 snapshot yourself

1. Wait for Binance's official announcement page to post the snapshot (not a social media screenshot — those spread fast and are easy to fake after any incident).
2. Look for whether Binance names an independent auditor for this specific snapshot, not just the general PoR page language.
3. Check which assets are included. A snapshot covering only some of the affected tokens is a partial answer, not a full one.
4. Compare the reserve ratio for the specific tokens involved in the October 30 incident against Binance's pre-incident numbers, if available.
5. Remember a PoR snapshot does not confirm withdrawals have resumed — that is a separate, explicit announcement to watch for.

Common mistakes when reading a Proof of Reserves report

Treating "has Proof of Reserves" as binary. Whether it's audited by a named third party, how often it's published, and how long the track record runs all change how much the claim is worth — see the comparison table above.

Assuming a high reserve ratio always means "safer." A self-reported ratio with no named auditor is a claim, not a verification, no matter how high the percentage looks.

Confusing a reserves snapshot with a fixed-funds guarantee. PoR shows what an exchange holds on the date checked; it says nothing about tomorrow.

While you wait for Binance's November 2 snapshot, it's worth having a backup account open at an exchange with a long audited PoR track record. See our Binance alternatives guide and the live Binance security incident tracker for the restart timeline.

FAQ

Does Binance have Proof of Reserves?

Yes, Binance runs an ongoing PoR program using a Merkle-tree and zk-SNARK verification mechanism^†, and it has said it plans a new snapshot with results expected around November 2, 2026, following its October 30 security incident.

Is Binance's Proof of Reserves independently audited?

In the sources we checked, Binance's PoR page describes its own verification mechanism without naming an independent third-party auditor for the report, unlike KuCoin and Bybit, which both name Hacken as an independent auditor^††.

Does a Proof of Reserves snapshot mean withdrawals have resumed?

No. PoR verifies balances on a specific date; it is separate from the withdrawal-restart announcement. Check the official announcement page for the specific "withdrawals resumed" notice.

Read the full incident timeline on our Binance security incident tracker and see our methodology for how we verify exchange data.

RISK: Crypto assets are volatile and unregulated in many jurisdictions. Not financial advice.