Binance has reported a substantial sell-off of its corporate crypto holdings, amounting to over $8 billion since the beginning of 2025. The exchange's updated proof of reserves indicates that it sold approximately 94% of its Bitcoin, nearly all of its Ethereum and Solana, and a significant portion of its USDT and XRP. The sell-off appears to be a strategic move, potentially linked to the need to cover a $4.3 billion fine owed to the U.S. Department of Justice (DOJ), which is due by March 2025. Binance's reserves now predominantly consist of customer deposits, with minimal long exposure remaining. Recent transactions include a $1.4 billion transfer of USDC as part of scheduled maintenance, which has raised questions about the exchange's liquidity and operational strategies. Despite the sell-off, user reserves reportedly increased by $4 billion during this period.