Binance’s reserve position remained stable amid rumors of an “FTX 2.0”. However, the company did disclose its reserve status and increased its Bitcoin holdings.
Binance reported holding $155.6 billion in assets, a figure the company presented as evidence of its transparency policy and proof-of-reserve reporting. In this context, it also announced the conversion of $200 million from its Secure Asset Fund for Users (SAFU) into Bitcoin.
This conversion increased Binance’s BTC holdings to approximately $49.84 billion as of February 4, solidifying Bitcoin as the primary component of its reserves. According to the company, the move was a portfolio allocation strategy, not related to liquidity needs, and was reflected in its public proof-of-reserve reports.
Meanwhile, the term “FTX 2.0” began circulating on social media and forums, a label that generated confusion among users. This narrative doesn’t allude to a new exchange or operational links with other platforms, but rather to discussions about the restructuring and payment process for creditors of FTX, the exchange that went bankrupt in 2022.
Why is Binance being referred to as an FTX 2.0?
FTX moved forward throughout 2025 with a formal liquidation and repayment plan. As part of this process, it began distributing approximately $1.9 billion around September 30, 2025, to creditors who met the requirements established by the bankruptcy administrators.
Eligibility to receive these payments was contingent upon a registration date set for August 15, 2025, as well as completing KYC verifications, submitting tax documentation, and selecting an authorized distribution provider, including BitGo, Kraken, or Payoneer. These steps are part of FTX’s internal mechanism for resolving its inherited liabilities.
These procedures adhere to standard legal and compliance procedures for bankruptcy proceedings and do not involve any financial relationship or operational coordination with other exchanges. The primary objective is to ensure that funds reach verified creditors, complying with applicable AML, tax, and regulatory rules.
For its part, Binance emphasized that its reserves and proof-of-reserve disclosures are independent of any process related to FTX. In its latest report, the company highlighted 101% coverage in Bitcoin, along with operational improvements such as an integrated Wallet Center to strengthen security management.
Looking ahead, the market will closely monitor both the progress of FTX’s refunds and the consistency of reserve disclosures from major exchanges. This episode reinforces a clear trend: investors and regulators are increasingly demanding transparency, clear custody, and verifiable data to assess real risks, rather than relying on rumors or amplified online narratives.
