Published on March 18, 2024 15:40 GMT+00:00edited on March 18, 2024 15:44 GMT+00:00

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 …