- Binance sent 110K SOL and 8K ETH to WinterMute, which was not linked to the customer’s withdrawal.
- Binance’s July POR shows full support for SOL and ETH, raising questions about the origins of assets.
- The source of Binance transferred assets raises doubt despite its 100% reserve ratio.
Between August 1st and 2nd, Binance moved over 110,000 SOLs and 8,000 ETH to renowned market production company WinterMute. These on-chain transactions occurred within 18 and 4 hours, respectively. The timing and volume of transfers have caused concern, primarily because assets do not appear to be customer withdrawals. Blockchain records show the direct flow from Binance to Wintermuting without indicating that these funds come from user-initiated actions.
Market Maker Update:
– Binance has sent WinterMute 110,000 $SOL in the last 18 hours alone. @solana
– Binance has sent WinterMute 8000$ETH in the last 4 hours alone. @ethereumIt is evident in transactions that are underway with assets and that the client has not withdrawn. …pic.twitter.com/ucdp7r87ud
– Martyparty (@martypartymusic) August 2, 2025
WinterMute, which often acts as a liquidity provider in central exchanges, has yet to address these transfers. Furthermore, Binance has not confirmed whether these transactions are part of internal liquidity management or part of non-exchange settlements. However, the sources for these assets are published in light of Binance’s recent Shof-of-Reserves (POR) report.
The Reform-of-Reserves report lists full customer funding support
According to data from Binance’s July certification, Exchange claims to maintain full or surplus lining for all major customer holdings. Ethereum and Solana are two assets transferred to WinterMute, both reportedly being fully supported. For Ethereum, Binance reports a 100% reserve ratio. The exchange holds 5.05 million ETHs, consistent with the total customer liability, with 251,967 ETHs holding third party custody.
Beyond ETH and SOL, Binance’s reserve ratio is over 100% for several other assets. Bitcoin Holdings is 588,385 BTC, with users balanced a total of 573,997 BTC, with a reserve ratio of 102.51%. Tether (USDT) maintains a ratio of 101.11% and holds it against 29.59 billion debt.
BNB, the native token of BNANCE, shows one of the most powerful positions at a ratio of 111.79%. This exchange holds 44.31 million bnbs for 3,964 million in user accounts. XRP and USDC also show spare surplus. The Vinance Reserve includes XRP 2.69 trillion compared to its customer balance of 2.61 trillion and USDC 8.58 billion compared to its 5.62 billion liabilities.
The POR report confirms absolute coverage of customer balances, but direct transfers to ETH and SOL have raised requests to make the situation more clear. The transaction is public and contains asset movements that do not match the user’s withdrawals. Binance is not praised where the money was obtained, but based on POR data, they seem to be completely linked to customer assets.
