Binance crypto exchange users’ assets surpass $100 billion

Binance crypto exchange users’ assets surpass $100 billion


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UPDATED: March 18, 2024, 11:52 amEDT

Assets held on behalf of its users by leading cryptocurrency exchange Binance have surpassed $100 billion.

Binance claims to hold all user assets at a 1:1 ratio, plus additional reserves, verifiable through its Proof of Reserves (POR) system of 31 supported digital assets. While they are useful, many have criticized such transparency measures by crypto exchanges as they do not disclose audited fiat reserves, customer and company liabilities, and other information to assess the financial health of a company.

The latest snapshot of Binance's POR in early March showed that reserves were already approaching that figure. A combination of strong inflows and the subsequent rise in cryptocurrency prices this month means the milestone has been reached for the first time since Binance began disclosing its users' asset holdings in November 2022, the company said. fixed in a blog post on Monday.

The total value locked on the Binance centralized exchange has nearly doubled from around $67 billion to $115 billion over the past year, according to DeFiLlama. data.

Binance TVL. Image: DeFiLlama.

A record month for cryptocurrencies

In a historic month for the industry, daily cryptocurrency exchange volume, DeFi TVLglobal crypto investment products assets under management and US spot bitcoin exchange-traded funds. cumulative trading volume all crossed the $100 billion mark earlier this month.

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© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

About the Author

James Hunt is a reporter for The Block, based in the United Kingdom. As the writer behind The Daily newsletter, James also keeps you up to date on the latest cryptocurrency news every weekday. Before joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing both publications and content to crypto projects. James' coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, cutting-edge DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals, and the latest updates on the market. You can contact James on Telegram or X via @humanjets or email him at [email protected].


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