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Crypto exchange Binance has announced that the value of assets held on behalf of its users has exceeded $100 billion. This milestone comes as a result of strong inflows and rising prices of digital assets in March.
Binance claims to maintain a 1:1 ratio of user assets, with additional reserves, which can be verified using its proof-of-reserves (POR) system supporting 31 digital assets. However, some critics argue that such transparency measures lack the disclosure of audited fiat reserves, client and company liabilities, and other crucial information for assessing a firm’s financial health.
The latest POR snapshot from the beginning of March already showed reserves nearing the $100 billion mark. Thanks to strong inflows and increasing crypto prices this month, Binance has now achieved this milestone for the first time since disclosing its user asset holdings in November 2022, according to a blog post by the firm on Monday.
Binance’s total value locked on its centralized exchange has nearly doubled from around $67 billion to $115 billion over the past year, based on DeFiLlama data.
This achievement for Binance coincides with a record-breaking month for the crypto industry overall. Daily exchange volumes, total value locked in DeFi, assets under management in global crypto investment products, and cumulative trading volume of U.S. spot bitcoin exchange-traded funds all surpassed the $100 billion mark earlier this month.
Featured Image: Unsplash @ Kanchanara
