Binance’s He Yi Says Reserve Drop Reflects Crypto Price Moves

The exchange's public defense is a reminder that dollar-denominated reserve dashboards are price marks, not flow statements — a distinction that matters more as proof-of-reserves data becomes a routine reference point for counterparty scrutiny. The read-across is less about Binance specifically than about how transparent the metric really is: valuations that track spot prices can look like withdrawals when they are repricing. Whether reserve trackers start separating price effects from net asset changes is the open question.