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 2022, the firm stated in a blog post on Monday.
The total value locked on Binance’s centralized exchange has nearly doubled from around $67 billion to $115 billion over the past year, according to DeFiLlama data.
Binance TVL. Image: DeFiLlama.
A record-breaking month for crypto
In a milestone month for the industry, crypto exchange daily volume, DeFi TVL, global crypto investment products assets under management and U.S. spot bitcoin exchange-traded fund cumulative trading volume all crossed the $100 billion mark earlier this month.
