Since early 2024, the value of user assets placed in Binance accounts grew by almost 30%. All user funds are backed by Binance’s operating assets at a 1:1 ratio.
Representatives of crypto exchange Binance reported that the volume of user funds in the accounts exceeded $100 billion. According to DefiLlama, this figure almost reached $80 billion at the beginning of 2024, exceeded $100 billion in early March, and hit $123 billion at peak times. As of March 19, the crypto exchange’s accounts hold user assets worth about $110 billion, which is a record high.
Binance claims that all assets placed on the crypto exchange’s accounts are fully backed by the company’s reserves, the amount of which exceeds the amount of user funds. Anyone can check the state of Binance’s reserves by using the Proof of Reserves (PoR) system, which takes into account 31 digital assets. The system uses zk-SNARK technology to ensure a higher level of confidentiality and reliability.
The volume of user funds on Binance increased due to two key factors — a large-scale inflow of assets and a general rise of crypto market capitalization amid Bitcoin’s record growth. Meanwhile, Binance Group’s structure is undergoing major changes.
The Binance team also started to take active measures against possible cases of insider trading, rumors about which are actively spreading among the community over the past few months. Binance representatives offered a reward ranging from $100,000 to $5 million to those who provide evidence of insider trading or other violations related to trading operations on the exchange. Investigators’ identities are promised to be kept secret. Previously, a similar initiative was made by Yi He, Co-Founder of Binance.
The community regularly accuses major cryptocurrency exchanges of insider trading. Sometimes such rumors move to a more substantiated plane. For example, a study by analysts at the University of Technology Sydney (UTS) found that insider trading accompanied up to a quarter of all listings on Coinbase in 2022.
Сообщение Users Have Over $100 Billion in Assets Stored on Binance появились сначала на CoinsPaid Media.
