The cryptocurrency industry has seen its share of booms and busts, with numerous prominent firms rising to fame and, in some cases, collapsing spectacularly. One of the most dramatic events in the crypto world was the downfall of FTX, which sent shockwaves through the entire ecosystem and forced regulators, investors, and other companies to rethink their approach to digital assets.
While some firms have struggled to recover from the turbulence, others have focused on expanding their reach and solidifying their dominance in the market. One such firm is Binance, the world’s largest cryptocurrency exchange, founded by Changpeng Zhao in 2017. For years, Binance has maintained its status as a leader in the crypto space.
However, the company has faced numerous challenges recently. Most notably, Binance has been accused of offloading large amounts of Bitcoin (BTC) and Ethereum (ETH). With mounting challenges and increased competition, the firm’s next steps could significantly shape its role in the evolving digital asset landscape.
How Much Bitcoin Does Binance Really own?
According to data from Coinglass, Binance, one of the largest cryptocurrency exchanges in the world, currently holds a total of 567,001.81 BTC, valued at approximately $54.55 billion USD. Over the last 24 hours, Binance has added 2,789 BTC to its reserves, showcasing its continued growth and strong position in the crypto space.
Despite its massive holdings, Binance ranks second among exchanges in terms of total Bitcoin reserves, trailing behind Coinbase Pro. The US-based cryptocurrency exchange leads the pack with an impressive 771,385 BTC in its reserves.
Bitfinex, another well-known player in the industry, comes in third with a total of 362,595 BTC in its wallets. These figures underline the significant role exchanges play in the global cryptocurrency ecosystem, serving as custodians for billions of dollars in digital assets.
Earlier today, an X user claimed that Binance had sold 94% of its Bitcoin, sparking widespread concern in the community. However, AB Kaui Dong clarified that the funds in question belonged to the exchange, not its users.
Binance quickly addressed the rumors, stating that the activity was part of a routine accounting adjustment. The exchange reassured users with the statement: “Binance is not selling assets. This was simply an adjustment in the Binance treasury’s accounting process. User funds are SAFU, as always.”
According to CoinMarketCap, Bitcoin is currently trading at $95,911.89, reflecting a 0.33% decline over the last 24 hours. The cryptocurrency hit an all-time high of $109,114.88 in January but is now 11.94% below that peak following the recent market downturn.
Also Read: Who Holds More Bitcoin: UAE or the US?
Disclaimer
The information in this article should not be considered financial advice, and the FinanceShots platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
