In a resounding affirmation of its dominance, Binance, the world’s leading cryptocurrency exchange, has announced a remarkable feat – the assets held on behalf of its users have surpassed the staggering $100 billion mark. This milestone, achieved for the first time since Binance initiated the disclosure of its user asset holdings in November 2022, underscores the exchange’s unwavering commitment to transparency and its position as a trusted custodian of digital wealth.
“The combination of strong inflows and subsequent rising crypto prices this month means the milestone has now been hit,” stated Binance in a blog post on Monday, Mar 18, 2024. The exchange claims to hold all user assets at a 1:1 ratio, plus additional reserves, verifiable through its proof-of-reserves (POR) system encompassing 31 supported digital assets.
While Binance’s transparency measures are commendable, they have not been without criticism. Many industry experts have voiced concerns that such measures by crypto exchanges fail to reveal audited fiat reserves, client and company liabilities, and other crucial information necessary to assess a firm’s overall financial health.
Binance Remarkable Growth Trajectory
The staggering increase in the total value locked (TVL) on Binance’s centralized exchange further demonstrates the growth of its user assets. According to data from DeFiLlama, the TVL on Binance has nearly doubled from around $67 billion to $115 billion over the past year, a testament to the platform’s popularity and the trust it has garnered from investors worldwide.
Binance stated:
Binance’s latest POR snapshot at the beginning of March showed the reserves already nearing the figure.
March 2024 has been a milestone month for the cryptocurrency industry as a whole. Binance has not only achieved this remarkable feat but has also crossed several other significant milestones. Crypto exchange daily volume, DeFi TVL, global crypto investment products assets under management, and U.S. spot bitcoin exchange-traded funds cumulative trading volume have all surpassed the $100 billion mark earlier this month, further solidifying the industry’s growth and resilience.
As the crypto landscape continues to evolve, Binance’s achievement serves as a beacon of confidence, inspiring investors and enthusiasts alike to embrace the world of digital currencies with renewed fervour.
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