Binance, a leading crypto exchange, has announced that the assets it holds on behalf of its users have exceeded $100 billion. The exchange asserts that it maintains user assets at a 1:1 ratio, alongside additional reserves, which can be verified using its proof-of-reserves (POR) system covering 31 supported digital assets.
While Binance’s transparency efforts through POR are notable, some critics argue that such measures lack comprehensive disclosure of audited fiat reserves, client and company liabilities, and other crucial financial information.
Binance’s most recent POR snapshot from the beginning of March indicated that reserves were nearing this significant figure. Due to strong inflows and subsequent crypto price increases throughout the month, Binance has now reached this milestone for the first time since it began disclosing user asset holdings in November 2022, as stated in a recent blog post.
According to data from DeFiLlama, the total value locked on Binance’s centralized exchange has nearly doubled over the past year, surging from approximately $67 billion to $115 billion.
This achievement coincides with a milestone month for the crypto industry as a whole. Earlier this month, various metrics such as crypto exchange daily volume, DeFi Total Value Locked (TVL), assets under management for global crypto investment products, and cumulative trading volume for U.S. spot bitcoin exchange-traded funds all surpassed the $100 billion mark, underscoring the growing significance and maturity of the crypto market.
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