Binance crypto exchange users’ assets surpass $100 billion

Exchanges • March 18, 2024, 11:40AM EDT

Published 1 minute earlier on

Quick Take

The value of assets crypto exchange Binance holds on behalf of its users has surpassed $100 billion.
Binance sai the milestone was reached following strong inflows and rising digital asset prices in March.

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

Binance claims to hold all user assets at a 1:1 ratio, plus additional reserves, verifiable using its proof-of-reserves (POR) system of 31 supported digital assets. While useful, many have criticized such transparency measures by crypto exchanges as they fail to reveal audited fiat reserves, client and company liabilities, and other information to assess a firm’s financial health.

Binance’s latest POR snapshot at the beginning of March showed the reserves already nearing the figure. A combination of strong inflows and subsequent rising crypto prices this month means the milestone has now been hit for the first time since Binance began disclosing its user asset holdings in November 2022, the firm stated in a blog post on Monday.

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

A record-breaking month for crypto

In a milestone month for the industry, crypto exchange daily volume, DeFi TVL, global crypto investment products assets under management and U.S. spot bitcoin exchange-traded fund cumulative trading volume all crossed the $100 billion mark earlier this month.

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About Author

James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the latest market updates. You can get in touch with James on Telegram or X via @humanjets or email him at [email protected].