Assets held by Binance for Users Surpass $100 Billion
Published 1 minute ago | UPDATED: March 18, 2024, 1:33 p.m. EDT
A milestone for Binance
Leading cryptocurrency exchange Binance has announced that the assets held on behalf of its users have exceeded $100 billion. The company claims to hold all user assets at a 1:1 ratio, along with additional reserves, which can be verified using its Proof of Reserves (POR) system supporting 31 digital assets.
While Binance’s transparency measures have been praised for their verifiability, some critics argue that they do not provide a complete picture of the exchange’s financial health, as they do not disclose audited fiat reserves, customer and company responsibilities, and other crucial information.
Binance’s most recent POR snapshot from early March already indicated that reserves were nearing the $100 billion mark. With a combination of strong inflows and a subsequent increase in crypto prices this month, the milestone has now been officially reached for the first time since Binance began disclosing its user asset holdings in November 2022.
According to DeFiLlama data, the total value locked on Binance’s centralized exchange has nearly doubled from around $67 billion to $115 billion over the past year.
A record-breaking month for crypto
In what has been a landmark month for the industry, various key metrics in the crypto space have surpassed the $100 billion mark. Daily crypto trading volume, DeFi Total Value Locked (TVL), assets under management of global crypto investment products, and cumulative trading volume of U.S. spot exchange-traded funds have all reached new highs earlier this month.
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About the Author
James Hunt is a journalist at The Block, based in the United Kingdom. He is the author of The Daily newsletter, keeping readers updated with the latest crypto news on weekdays. With a background as a freelance writer in the industry, James covers a wide range of topics from Bitcoin and Ethereum to DeFi protocols, NFT trends, regulatory landscapes, and market updates. You can contact James on Telegram or X via @humanjets or email him at [email protected].
