BingX's latest proof of reserves is the September 15, 2026 snapshot: BTC reserve ratio 146.52%, ETH 128.32%, USDT 122.17% and USDC 124.76%, so platform reserves exceed user assets for all four coins. BingX now publishes a Merkle-tree snapshot every month, and after logging in you can confirm your balance was included on the proof of reserves page using your own Hash ID. BingX publishes ratios only, not the amounts of user assets or reserves (checked 2026-10-17).
Proof of reserves (PoR) answers one question: does the exchange hold enough coins in its wallets to cover what it owes users on its books? Using official data from the BingX proof of reserves page, this article lists the ratios for the last four snapshots and the highs and lows across 26 snapshots since November 2024, explains how the Merkle tree works and how to verify yourself, sets out what the Mazars and Hacken reports covered, and summarizes BingX's official account of the September 2024 hot wallet incident.
Key points
- Latest snapshot 2026-09-15: BTC 146.52%, ETH 128.32%, USDT 122.17%, USDC 124.76%, all above 100%. The October snapshot had not been published when we checked on 2026-10-17.
- Monthly: data goes back to 2024-11-20, 26 snapshots in all; roughly twice a month until early 2025, monthly since.
- Ratios only: each BingX snapshot shows reserve ratios, without the amounts of user assets or platform reserves.
- Third-party reports: Mazars (November 2022 snapshot) and Hacken (November 2025); Hacken checked wallet ownership and balances only, not liabilities.
Reserve ratios for the last four snapshots
| Coin | 2026-06-15 | 2026-07-15 | 2026-08-15 | 2026-09-15 |
|---|---|---|---|---|
| BTC | 146.42% | 142.82% | 144.42% | 146.52% |
| ETH | 122.63% | 126.48% | 122.53% | 128.32% |
| USDT | 136.93% | 131.83% | 128.85% | 122.17% |
| USDC | 128.62% | 124.41% | 126.15% | 124.76% |
Reserve ratio = platform reserves ÷ user assets, and the BingX page states that "≥100% indicates sufficient funds." Source: snapshot data loaded by the BingX proof of reserves page, checked 2026-10-17; the June figures match BingX's June 2026 announcement.
Put as our own example: at the moment of the September 15 snapshot, for every 1,000 USDT users held on BingX's books, BingX's wallets held about 1,221.7 USDT, and for every 1 BTC about 1.465 BTC. A ratio above 100% only shows the wallets covered the book balances at the moment of the snapshot, not that every later day looks the same.
Highs and lows across 26 snapshots: USDT is lower, but still above 120%
| Coin | Lowest of 26 | Highest of 26 |
|---|---|---|
| BTC | 115.32% (2024-11-20) | 146.52% (2026-09-15) |
| ETH | 119.14% (2026-01-15) | 144.13% (2025-08-15) |
| USDT | 122.17% (2026-09-15) | 152.18% (2025-10-15) |
| USDC | 122.41% (2026-04-15) | 148.93% (2025-02-15) |
Compiled from the 26 official snapshots from 2024-11-20 to 2026-09-15. None of the four coins fell below 100% in any of them. USDT stands out: it slid from 152.18% in October 2025 to 122.17% in this snapshot, the lowest of the 26. Because BingX publishes ratios only, a falling ratio could mean smaller reserves or more USDT deposited by users; the ratio alone can't tell you which.
How BingX's PoR works: the Merkle tree
According to BingX's Merkle tree explainer (published November 2022), there are four steps:
- Wallet check: hot plus cold wallet totals must be at least all users' snapshot assets; BingX proves it owns the wallets by sending set amounts to an address the auditor picks.
- User balance snapshot: covers Fund, Futures and Copy Trading accounts, excluding unrealized PnL; encrypted UIDs and balances go to the auditor.
- Merkle tree: hashed "UID + balance" pairs are combined layer by layer into one root hash, and any change to a single entry changes the root.
- Auditor report.
On the wallet side, the PoR page offers a wallet address list (Download Wallet Addresses) so you can check balances on block explorers yourself.
Third-party reports
- Mazars: dated December 1, 2022, with balances as of November 28, 2022 00:00 UTC, when the ratios were BTC 132%, ETH 122%, USDC 186% and USDT 112%. The report itself says it was an agreed-upon procedures engagement, not an assurance engagement (Mazars report PDF).
- Hacken: dated November 17, 2025, checking wallet ownership and balances on 13 networks as of November 12, 2025. Its disclaimer says it is not a comprehensive financial audit, and it did not examine the user liability side (Hacken report PDF).
None of the monthly snapshots is marked as audited; the most recent third-party report is Hacken's from November 2025.
How to verify yourself
- Log in to BingX and open the 100% Proof of Reserves page from "Company" in the footer.
- Find "My Assets" and "My Hash ID" on the page.
- Click Login to verify to see your assets in that snapshot and your Merkle tree leaf node.
- Download the wallet address list and compare wallet balances on block explorers.
BingX has not published a step-by-step guide with menu names; the steps above follow the button labels on the PoR page. The self-check tool supports BTC, ETH and USDT, and recent announcements mention USDC. You are verifying the balance at the snapshot, so assets deposited afterwards only show up in the next one.
What PoR can and can't prove
What it can prove
- At the moment of the snapshot, BingX's wallets held more of the four listed coins than it owed users on its books.
- Your own balance was counted in user assets (once you verify with your Hash ID).
What it can't prove
- Anything after the snapshot, or assets beyond the four coins.
- Actual size: with no amounts published, you can't see why a ratio changed.
- The exchange's overall finances: PoR doesn't cover the exchange's other liabilities or operations.
The September 2024 hot wallet incident
Around 04:00 (UTC+8) on September 20, 2024, BingX detected abnormal access to its hot wallet, a likely hack. Its notice said there was "minor asset loss" whose amount was still being calculated, and that most assets were in cold wallets (BingX wallet maintenance notice). According to the BingX hot wallet incident FAQ, withdrawals for USDT, USDC, BTC, ETH and other major coins resumed before 08:30 on September 21 and deposits at 08:30 on September 22. BingX said its reserves covered potential losses, user assets were unaffected and trading never stopped, and that it was working with SlowMist and Chainalysis. BingX's AMA recap mentioned 10 million dollars frozen. BingX never published a total loss; Bloomberg Law reported at least 27 million dollars at the time, and ForkLog and others reported more than 43 million. In July 2026 BingX announced a 150 million dollar Shield Fund (BingX Trust Center announcement).
Regions and regulation
PoR is a transparency tool the exchange publishes and users verify; it is not a license or regulation. According to the BingX Disclaimer (updated 2023-12-11), BingX does not accept customers from Afghanistan, Burundi, Cambodia, Canada, the Central African Republic, mainland China, Cuba, the Democratic Republic of the Congo, Hong Kong, Iran, Laos, Macau, Myanmar, the Netherlands, North Korea, Panama, Singapore, Somalia, the United Kingdom, the United States (including territories), or the Crimea, Donetsk and Luhansk regions of Ukraine; the list may change and may vary by service. For licensing by country, see exchange licenses by country.
What you can do at account level: move assets you aren't trading to your own wallet and keep only working funds on the exchange; turn on two-factor authentication and a withdrawal whitelist.
PoR and the rebate
Proof of reserves has nothing to do with the rebate. Sign up on BingX with code FEEOTTER and get a 45% rebate (all paid automatically by BingX), the same for spot and futures, more than twice the 20% most codes give. It goes straight back to your BingX account with nothing else to do, and Fee Otter adds no extra layer. Details are in the BingX referral code guide; reserve ratios across exchanges are compared in the proof of reserves comparison.
FAQ
What is BingX's latest reserve ratio?
The 2026-09-15 snapshot: BTC 146.52%, ETH 128.32%, USDT 122.17%, USDC 124.76%.
How often does BingX publish proof of reserves?
Monthly at present, usually a snapshot around the 15th; roughly twice a month until early 2025.
Is BingX's PoR audited by a third party?
There are two third-party reports: Mazars in 2022 and Hacken in November 2025. Hacken checked wallet ownership and balances only and says it is not a full financial audit; the monthly snapshots are not marked as audited.
Why can't I see BingX's reserve amounts?
BingX's monthly snapshots show reserve ratios only, without user asset or reserve amounts. The Hacken report lists on-chain wallet balances for November 12, 2025, but that is a single point in time.
Does a ratio above 100% mean BingX is completely safe?
No. It only shows that wallet balances for the four coins covered user balances at the snapshot; it doesn't cover later changes, other coins or the exchange's overall finances.
Further reading
Reserve ratios come from official snapshot data loaded by the BingX proof of reserves page on 2026-10-17; methodology and incident details come from the BingX Help Center and official announcements; third-party reports are the Mazars and Hacken PDFs linked from BingX's page. Loss figures from news reports are media numbers, not published by BingX. Ratios update every snapshot, and the official page is authoritative. For information only; not an assessment of any exchange's safety or investment advice. Rebate rates are set by the exchange and may change; see the Fee Otter rebate rates page.
Data verified: 2026-10-17
