New on-chain data shows that there are currently tens of billions of dollars worth of digital assets in the reserves of crypto exchange platforms Binance, Bitfinex and OKX.
Citing information from crypto data aggregator DeFi Llama, blockchain tracker Lookonchain say that Binance owns $66.91 billion in crypto assets, while OKX and Bitfinex own $12.41 billion and $11.74 billion respectively.
“According to DeFi Llama,
Binance holds $66.917 billion in assets: $20.578 billion BTC, $18.84 billion USDT [and] $8.085 billion wETH/ETH.
OKX owns $12.413 billion in assets: $5.2 billion USDT, $4.827 billion BTC, [and]$1.95 billion wETH.
Bitfinex holds $11.746 billion in assets: $7.69 billion BTC, $2.596 billion LEO [and] $0.77 billion wETH.”
The majority of virtual currencies held by the three crypto exchanges include prominent tokens such as Bitcoin (BTC), Ethereum (ETH), Wrapped Ethereum (wETH), and stablecoin USDT.
The figures come out as Binance continues to struggle with regulatory scrutiny. Earlier this month, the crypto exchange was fined $4.3 billion for failing to maintain adequate anti-money laundering protocols. Furthermore, the CEO, Changpeng Zhao, pleaded guilty to the charges and resigned from his position.
Last week, Binance’s new CEO Richard Teng said the company’s fundamentals remain “very strong” despite regulatory challenges.
Previously, data from market intelligence firm Nansen showed that Binance saw outflows of $17 million in Ethereum and $956 million in Bitcoin around the time the company was fined. However, it also showed that Binance’s total holdings increased slightly during that time.
“The total value of assets has increased from $64.6 billion to $65.2 billion in the last twelve hours. This takes into account the outflow and price changes over the past twelve hours.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on TweetFacebook and Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3