A look at Binance, Okx, Crypto.com, Bitfinex and Huobi – Bitcoin News

[ad_1]

After the collapse of FTX, the incident prompted many major crypto exchanges to publish proof of reserves and lists of known addresses so that users could check the creditworthiness of trading platforms. While the veracity of these proof of reserve lists and asset dashboards is questionable, they provide insight into the large sums of cryptocurrency held by major exchanges. For example, Binance, the largest cryptocurrency exchange by trading volume, manages $66 billion in crypto assets, or more than 6% of the net worth of the entire cryptocurrency economy. cryptocurrency, which amounts to 1 trillion dollars.

An Inspection of 5 Lists of Proof of Reserves That Provide Insight into Large Cryptocurrency Holdings

It has been over 80 days since Coindesk published an Alameda Research balance sheet article, which showed that the quantitative trading desk had a large amount of ftx (FTT) tokens. Then, on November 6, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his exchange would sell his FTT holdings. Since then, FTT has lost considerable value and FTX filed for bankruptcy five days later on November 11. At that time, and before the failure of FTX, it was difficult to monitor the reserves of the exchange because the leaders kept things very opaque. This situation has led exchanges to publish proof of reserve listings and members of the crypto industry have criticized specific types of listings and how they are audited.

Additionally, Paul Munter, Acting Chief Accountant of the U.S. Securities and Exchange Commission (SEC), recently stated that the SEC closely monitors proof of reserves (POR). Despite the complaints, available proof of reserve listings provide insight into what entities hold and to some extent help improve market stability as people can monitor holdings. The following is a review of five different centralized crypto asset exchanges and their holdings of crypto assets as of January 22, 2023, according to nansen.ai’s exchange listing. Nansen offers a dashboard for 18 different centralized crypto exchange platforms.

Binance

Binance is the largest with $66 billion in digital assets held in reserves by the crypto exchange giant. On January 22, the largest crypto exchange by trading volume held 486,427 bitcoins (BTC), worth $11.1 billion. In terms of stablecoins, Binance holds $13.2 billion in tether (USDT) and $13.3 billion in BUSD.

Binance token allocation on January 22, 2023.

Additionally, Binance holds 4.7 million ether, worth $7.6 billion, and another $7.6 billion worth of binance coins (BNB). The exchange also holds over $13 billion in other crypto assets that are too numerous to name. If Binance Reserve were included in the top ten crypto assets by market capitalization, it would rank fourth.

Okay

Nansen’s dashboard listing shows that crypto exchange Okx holds $7.6 billion in crypto assets. $3 billion of the funds are held in tether (USDT), and the exchange also holds 97,656 BTC, worth $2.2 billion.

Allocation of Okx tokens on January 22, 2023.

25.95% of Okx’s assets are held in ethereum (ETH), resulting in a balance of 1.2 million ether, worth $1.9 billion, using current exchange rates for l ‘ETH. Additionally, Okx also holds approximately 294 million USD (USDC) coins.

Crypto.com

Crypto.com has approximately $3.83 billion under management as of January 22, and its holdings currently include 44,208 BTC, worth just over $1 billion. The exchange also holds 514,763 ETH, which is worth around $833 million on Sunday.

Crypto.com token award on January 22, 2023.

Nansen’s Crypto.com dashboard further shows that the trading platform holds 17.28% of its shiba inu (SHIB) holdings. Crypto.com’s SHIB holdings comprise approximately 55.2 trillion SHIB, or $663 million of the token itself. The trading platform also manages around 585 million USD coins (USDC) and 2.1 billion cronos (CRO), worth around $167 million.

BitfinexComment

Digital currency trading platform Bitfinex holds $8 billion in crypto assets as of Sunday, January 22, 2023. 54.29% of Bitfinex’s holdings are in bitcoin (BTC), or approximately 191,654 BTC, worth 4 .36 billion today. 28.15% of Bitfinex’s assets are held in unused Leo (LEO) tokens, or approximately $2.2 billion worth of LEO.

Bitfinex token allocation on January 22, 2023.

The exchange also holds 466,014 ethereum (ETH), worth $756 million, on January 22. Additionally, Bitfinex manages 331 million tether (USDT) and 0.64% of Bitfinex assets, or approximately 126 million XRP, are held in reserves.

Houbi

Huobi holds approximately $3.17 billion as of January 22, and 30.91% of the assets are in the exchange coin, the huobi token (HT). The exchange manages 196 million HT, which is worth around $980 million today in USD value.

Allocation of Huobi tokens on January 22, 2023. The exchange wallet is listed on the nansen.ai exchange list.

Huobi also holds 617 million tether (USDT) and 9 million tron ​​(TRX), worth $596 million. 12.13% of Huobi’s assets are held in BTC, 5.35% are stored in ETH, and 13.35% of Huobi’s assets are alternative crypto assets too numerous to name. $7.7 million of the value comes from the 57.58 million HUSD held by Huobi, or 30.66% of the HUSD supply. While HUSD was once a US dollar-pegged stablecoin, HUSD now trades at $0.13 per coin.

The 5 exchanges hold $88.6 billion or 8.6% of the current USD value of the crypto economy

The five aforementioned cryptocurrency exchanges hold $88.6 billion in crypto assets combined. The combined value of the exchange’s five reserves equals 8.6% of the current $1 trillion crypto-economy.

74.49% of the $88.6 billion is held on Binance, and the rest is split between Okx, Crypto.com, Bitfinex, and Huobi. The trading platform with the largest exchange token coins is Bitfinex, with its $2.2 billion stash of LEO. Of the five exchanges mentioned, Binance holds the most Bitcoin (BTC) with its cache of 486,427 BTC.

Tags in this story Alameda Research, Asset Dashboards, Balance Sheet, Balances, bankruptcy protection, Binance, Binance CEO, BitFinex, Centralized Crypto Exchanges, Changpeng Zhao, crypto assets, Crypto Balances, crypto exchanges, Crypto.com, Cryptocurrency Economics, FTT, ftx, full audits, holdings, Huobi, listings, market stability, Nansen, Nansen.ai, nansen.ai exchange listing, net worth, Okx, opacity, Paul Munter, proof of reserves, concept of proof of reserves, proof-of-solvency, SEC, trading volume

What do you think of the recent trend for crypto exchanges to publish reserve proof listings and asset dashboards? Do you have any concerns about the veracity of these lists? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons, nansen.ai’s exchange list,

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular newsIn case you missed it

[ad_2]