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Binance Reveals Holding Over 475,000 Bitcoins

Binance has disclosed the locations of both its hot and cold wallets and will provide information on its financial situation following the “noisy” event with FTX.

Approximately 475,867 Bitcoin, 4.8 million Ether, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC, and 58 million BNB are among its current assets, which were summarized by the company. An additional $1 billion is kept in its Secure Asset Fund for Consumers, which it established in 2018 as an emergency insurance fund to safeguard users.

Binance’s ongoing commitment to transparency and fostering trust in the ecosystem:

“This is a starting point while we work to create a Merkle tree POF that we will share with the community in the next few weeks.

Our objective is to allow users of our platform to be aware and make informed decisions that are aligned with their financial goals.”

Binance announced that it would help FTX with its recovery efforts, however, it got out of control, causing the deal to be canceled.

Binance CEO Changpeng Zhao has also called on exchanges to prove their reserves.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.