Examining the Holdings of 5 Centralized Crypto Exchanges: A Look at Binance, Okx, Crypto.com, Bitfinex, and Huobi

After FTX collapsed, the incidental prompted galore large crypto exchanges to people proof-of-reserves and lists of known addresses truthful users tin verify the solvency of the trading platforms. While the veracity of these proof-of-reserve lists and plus dashboards is debatable, they bash supply immoderate penetration into the ample sums of cryptocurrency held successful custody by large exchanges. For example, Binance, the largest cryptocurrency speech by commercialized volume, manages $66 cardinal successful crypto assets, which is much than 6% of the full cryptocurrency economy’s nett worth of $1 trillion.

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

It has been much than 80 days since Coindesk published a story astir Alameda Research’s equilibrium sheet, which showed the quantitative trading table owned a ample magnitude of ftx token (FTT). Then, connected Nov. 6, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his speech would beryllium selling its FTT holdings. Since then, FTT has mislaid sizeable worth and FTX filed for bankruptcy extortion 5 days aboriginal connected Nov. 11. At that time, and anterior to FTX’s failure, it was challenging to show the exchange’s reserves arsenic executives kept things precise opaque. This concern has led exchanges to merchandise proof-of-reserve lists and determination has been criticism from crypto manufacture members implicit circumstantial types of lists and however they are audited.

Additionally, Paul Munter, the U.S. Securities and Exchange Commission’s (SEC) acting main accountant, precocious stated that the SEC is intimately monitoring proof-of-reserves (POR). Despite the complaints, the disposable proof-of-reserve lists supply immoderate penetration into what entities clasp and, to a definite extent, they assistance amended marketplace stableness due to the fact that radical tin show the holdings. The pursuing is an introspection of 5 antithetic centralized crypto plus exchanges and their holdings successful crypto assets arsenic of Jan. 22, 2023, according to nansen.ai’s speech list. Nansen features a dashboard for 18 antithetic centralized crypto speech platforms.

Binance

Binance is the largest with $66 billion successful integer assets held successful reserves by the crypto speech giant. On Jan. 22, the largest crypto speech by commercialized measurement held 486,427 bitcoin (BTC), worthy $11.1 billion. In presumption of stablecoins, Binance holds $13.2 cardinal successful tether (USDT) and $13.3 cardinal successful BUSD.

Binance token allocation connected Jan. 22, 2023.

Additionally, Binance holds 4.7 cardinal ether, worthy $7.6 billion, and different $7.6 cardinal worthy of binance coin (BNB). The speech besides holds much than $13 cardinal worthy of different crypto assets that are excessively galore to name. If Binance’s stash was included successful the apical 10 crypto assets by marketplace cap, it would fertile successful the 4th position.

Okx

Nansen’s dashboard database shows that the crypto speech Okx holds $7.6 billion successful crypto assets. $3 cardinal of the funds are held successful tether (USDT), and the speech besides holds 97,656 BTC, worthy $2.2 billion.

Okx token allocation connected Jan. 22, 2023.

25.95% of Okx’s assets are held successful ethereum (ETH), oregon a equilibrium of 1.2 cardinal ether, worthy $1.9 billion, utilizing existent speech rates for ETH. Additionally, Okx holds astir 294 cardinal usd coin (USDC) arsenic well.

Crypto.com

Crypto.com manages astir $3.83 billion connected Jan. 22, and its holdings presently see 44,208 BTC, worthy conscionable implicit $1 billion. The speech besides holds 514,763 ETH, which is worthy astir $833 cardinal connected Sunday.

Crypto.com token allocation connected Jan. 22, 2023.

Nansen’s Crypto.com dashboard further shows that the trading level holds 17.28% of its holdings successful shiba inu (SHIB). Crypto.com’s SHIB holdings see astir 55.2 trillion SHIB, oregon $663 cardinal worthy of the meme token. The trading level besides manages astir 585 cardinal usd coin (USDC) and 2.1 cardinal cronos (CRO), worthy astir $167 million.

Bitfinex

The integer currency trading level Bitfinex holds $8 billion successful crypto assets connected Sunday, Jan. 22, 2023. 54.29% of Bitfinex’s holdings are successful bitcoin (BTC), oregon astir 191,654 BTC, worthy $4.36 cardinal today. 28.15% of Bitfinex’s assets are kept successful unus sed leo tokens (LEO), oregon astir $2.2 cardinal worthy of LEO.

Bitfinex token allocation connected Jan. 22, 2023.

The speech besides holds 466,014 ethereum (ETH), worthy $756 million, connected Jan. 22. Additionally, Bitfinex manages 331 cardinal tether (USDT) and 0.64% of Bitfinex’s assets, oregon astir 126 cardinal XRP, are held successful reserves.

Huobi

Huobi holds astir $3.17 billion connected Jan. 22, and 30.91% of the assets are successful the speech coin, huobi token (HT). The speech manages 196 cardinal HT, which is worthy astir $980 cardinal contiguous successful USD value.

Huobi token allocation connected Jan. 22, 2023. Exchange portfolio’s featured connected nansen.ai’s speech list.

Huobi besides holds 617 cardinal tether (USDT) and 9 cardinal tron (TRX), worthy $596 million. 12.13% of Huobi’s assets are held successful BTC, 5.35% is stored successful ETH, and 13.35% of Huobi’s assets are alternate crypto assets excessively galore to name. $7.7 cardinal worthy of the worth derives from the 57.58 cardinal HUSD that Huobi holds, which is 30.66% of the HUSD supply. While HUSD was erstwhile a stablecoin pegged to the U.S. dollar, HUSD is present trading for $0.13 per coin.

The 5 Exchanges Hold $88.6 Billion oregon 8.6% of the Crypto Economy’s Current USD Value

All 5 of the aforementioned cryptocurrency exchanges clasp $88.6 cardinal successful crypto assets combined. The combined worth of each 5 of the exchange’s reserves equates to 8.6% of the existent $1 trillion crypto economy.

74.49% of the $88.6 cardinal is held connected Binance, and the remainder is dispersed among Okx, Crypto.com, Bitfinex, and Huobi. The trading level with the largest speech token coins is Bitfinex, with its stash of $2.2 cardinal worthy of LEO. Out of the 5 mentioned exchanges, Binance holds the astir Bitcoin (BTC) with its cache of 486,427 BTC.

What bash you deliberation astir the caller inclination of crypto exchanges publishing proof-of-reserve lists and plus dashboards? Do you person concerns astir the veracity of these lists? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, nansen.ai's speech list,

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