The exchange said the new milestone highlights growing excitement about cryptocurrencies and users’ trust in its services.
The world’s largest cryptocurrency exchange, Binance, has achieved a new milestone; the value of user assets on the platform has exceeded $100 billion for the first time.
According to an official announcement from the crypto trading platform, the new feat was caused by the soaring prices of digital assets and consistent inflows from market participants.
Binance User Asset Holdings Crosses $100B
Binance revealed that by March 1, user assets held on the platform were close to the landmark figure. This was evident in the latest proof-of-reserves (POR) snapshot taken on the same day. However, as crypto asset prices increased in the past weeks, the value of user assets surpassed $100 billion within the first week of the month.
“The journey past the $100 billion threshold is not just an arbitrary number – it’s a testament to the continued confidence in Binance and the robust performance of the crypto markets. Recent weeks have witnessed a remarkable, sustained uptick in digital asset prices, a trend that has undoubtedly played a significant role in elevating the value of user assets under Binance’s custody,” Binance remarked.
The crypto exchange said the new milestone highlights growing excitement about cryptocurrencies and users’ trust in its services, with its POR system as the “central element of this formula.”
Binance’s POR system currently supports 31 crypto assets and incorporates solutions like zk-SNARKs and Merkle tree cryptography to enhance privacy and robustness. As of March 1, the system showed Binance had 103% reserves for bitcoins held on its platform, 103.5% for ether, and 110.6% for Tether, proving the exchange’s claims of backing user assets 1:1.
“The milestone of exceeding $100 billion in user funds is a clear indicator of the growing trust in Binance and the crypto industry at large. As more funds are custodied by responsible players like Binance, in a transparent and secure manner, the future of the digital-asset space looks increasingly promising,” the exchange added.
Binance Refutes Insider Trading Rumors
Binance’s latest announcement comes as the crypto trading giant offers $100,000 to $5 million in rewards for individuals who provide information or potential insider trading activities within the exchange after refuting rumors that such activity is taking place on the platform.
The offer was triggered by insider trading allegations against the exchange, which emerged after a whale bought millions of the Solana-based memecoin Book of Meme (BOME) ahead of its listing on Binance.
