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Since the beginning of 2024, the value of assets held by users in Binance accounts has increased by nearly 30%. All user funds are supported by Binance’s operational assets at a 1:1 ratio.
Officials from the cryptocurrency exchange Binance announced that the total volume of user funds in accounts has surpassed $100 billion. As reported by DefiLlama, this amount was close to $80 billion at the start of 2024, exceeded $100 billion in early March, and reached a peak of $123 billion. As of March 19, the assets held in the exchange’s accounts are valued at approximately $110 billion, marking a record high.
Binance asserts that all assets deposited in the exchange’s accounts are entirely backed by the company’s reserves, which exceed the total amount of user funds. Users can verify the status of Binance’s reserves through the Proof of Reserves (PoR) system, which includes 31 digital assets. This system employs zk-SNARK technology to provide enhanced confidentiality and reliability.
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The increase in user funds on Binance can be attributed to two primary factors: a significant influx of assets and an overall rise in cryptocurrency market capitalization, driven by Bitcoin’s remarkable growth. Concurrently, Binance Group’s organizational structure is undergoing substantial changes.
The Binance team has also begun implementing proactive measures against potential insider trading, a topic that has been circulating within the community for the past few months. Binance representatives have offered rewards ranging from $100,000 to $5 million for information leading to evidence of insider trading or other trading-related violations on the exchange. The identities of informants will be kept confidential. A similar initiative was previously proposed by Yi He, Co-Founder of Binance.
The community frequently accuses major cryptocurrency exchanges of insider trading, with some rumors gaining more credibility. For instance, a study conducted by analysts at the University of Technology Sydney (UTS) revealed that insider trading was associated with 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.
