Just checked Binance's newly updated October Proof of Reserves: First, for BTC, the on-chain reserves exceed users' net balances by about 2,431 BTC; next, USDT exceeds by approximately 1.243 billion tokens, and other assets are also mostly over-reserved. But for Binance or any exchange, 1:1 reserves + on-chain verifiability isn't a bonus—it’s the bare minimum standard for this industry. Hope the industry's CEXs strictly adhere to this baseline! As for us: Don’t trust, verify.