Binance customers reduced their Ethereum (ETH) balances on the exchange by 4.61% in September, while lifting their Bitcoin holdings 0.91% to approximately 688,573 BTC, according to the exchange's latest proof of reserves report.

The document, published by Binance as a reconciliation of customer assets, tracks month-over-month changes in the cryptocurrencies users hold directly on the platform. Publishing such reconciliations is a disclosure practice that major centralized exchanges have adopted to demonstrate that customer deposits are fully backed.

On-exchange balances capture only the portion of users' holdings kept in exchange custody, so assets moved to self-custodied wallets or other venues no longer appear in these totals. Changes in the figures therefore track how customers allocate assets between centralized platforms and other custody arrangements.

Proof of reserves reports became widespread across the crypto industry following the November 2022 collapse of FTX, which highlighted the risks of opaque custody practices. These reports typically rely on cryptographic attestations, often built on Merkle trees, and are frequently paired with third-party audits, allowing customers to independently verify that their balances are included in an exchange's reported liabilities.

The September figures show that Binance users collectively lowered their on-exchange ETH balances during the month, while their aggregate Bitcoin holdings on the platform rose modestly to roughly 688,573 BTC. Because the report tracks changes on a month-over-month basis, the next edition will show whether September's divergence between ETH and BTC balances persisted or reversed.

This article is based on reporting first published by COINOTAG on October 6, 2026: COINOTAG