User Assets on Binance Surpass $100 Billion

The total value of client assets on the cryptocurrency exchange Binance has exceeded $100 billion. 

The value of user asset holdings on #Binance now exceeds $100 billion.

All user funds are backed at a 1:1 ratio and are fully verifiable through our Proof of Reserves, which highlight our commitment to user funds transparency.

Read on ⤵️https://t.co/lCUImUdAn9

— Binance (@binance) March 18, 2024

“All user funds are backed at a 1:1 ratio and are fully verifiable through our Proof of Reserves, which underscores our commitment to transparency,” stated representatives of the trading platform. 

The company attributes the growth to high digital asset prices and an influx of funds to Binance in recent months. 

According to DeFi Llama, the platform holds $109 billion. The majority of assets consist of Bitcoin (32%), USDT (21%), and BNB (15%).

“The aggregate figures provided by blockchain market analysis firms, while useful, do not perfectly represent the amount of user funds on Binance. Some of the assets included in such calculations are the platform’s own operational funds,” the company clarified.

According to the latest Binance reserves analysis, as of March 1, the exchange covered more than 103% of deposits in the leading cryptocurrency, nearly 103.5% of user funds in Ethereum, and 110.6% in USDT.

The exchange’s Proof-of-Reserves mechanism supports 31 digital assets and includes various solutions, including zk-SNARK for enhanced privacy.

Earlier, Binance quietly spun off its venture division with $10 billion in assets into a separate business.

In early 2024, the exchange faced legal issues in Nigeria, where two top company executives remain in custody.

The authorities of the African nation demanded Binance provide comprehensive information about all its citizens trading on the platform.