Despite online speculation and comparisons to the collapse of FTX, Binance's reserves appear stable, with the exchange holding $155.6 billion in assets as of the end of January. This figure positions Binance as the leading cryptocurrency exchange in terms of reserve holdings, significantly ahead of competitors like OKX and Bybit.

The recent stability in Binance's reserves comes amid a wave of criticism circulating on social media, with some users drawing parallels to the events that preceded the downfall of FTX. These comparisons, fueled by concerns over transparency and market volatility, have prompted increased scrutiny of Binance's financial health and operational practices.

However, on-chain data indicates that Binance's reserves are currently stable, showing no immediate signs of stress. Furthermore, Binance assures that all user assets remain fully backed. Binance's proof-of-reserves (PoR) report indicates a reduction in the exchange's cryptocurrency holdings, with sales of approximately $8 billion from its previously reported $14 billion in excess reserves. These sales included nearly all of Binance's $4 billion in Bitcoin, $3 billion in Tether, and $700 million in Ether. Despite these sales, Binance maintains that all user assets are fully backed, though reserve ratios for some cryptocurrencies have decreased.

Binance implements a Merkle Tree to allow users to verify that their assets are included in the aggregate net account balance. The exchange states that it holds all user assets 1:1, including reserves, and has zero debt in its capital structure. Binance also maintains a Secure Asset Fund for Users (SAFU), an emergency fund for extreme cases such as hacks or security breaches. Recently, Binance completed a second $100 million conversion of SAFU stablecoin reserves into Bitcoin, as part of a planned $1 billion shift from stablecoins to Bitcoin within 30 days. The exchange launched this initiative in late January. SAFU, created in 2018, is rebalanced to maintain at least $800 million in value during Bitcoin price swings.

The "FTX 2.0" narrative gained traction following the collapse of FTX, with discussions revolving around the potential relaunch of the exchange or the emergence of a similar platform. The initial concept of FTX 2.0 involved repaying customers in full and dropping the exchange relaunch. Advocates for an FTX reboot pointed to the exchange's recognizable brand and existing user base as potential advantages.

Binance's current reserve composition includes approximately 32% in Bitcoin and 30.5% in stablecoins. Its native token, Binance Coin (BNB), accounts for about 22% of the reserves. As of June 2025, Binance is the world's largest cryptocurrency exchange by user count and trading volume, with over $217 billion in daily volume across spot and futures markets. It serves over 280 million users globally, offering access to over 500 cryptocurrencies and more than 1,500 trading pairs.

While concerns and comparisons to FTX persist, Binance's reported reserve levels and ongoing efforts to enhance transparency suggest a commitment to maintaining the security of user funds.