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Home CRYPTO

Binance’s Bold Leap: Assets Custody Hits $100 Billion Despite DOJ Actions

by Sham
March 18, 2024
in CRYPTO, INVESTING
Reading Time: 2 mins read
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  • Binance’s assets under custody have surpassed $100 billion, more than doubling since the start of 2022 despite recent legal troubles.
  • Binance says its 1:1 reserves plus additional reserves ensure all user funds are held securely, though experts caution that proofs-of-reserves have limitations.
  • Despite splitting from its $10 billion venture arm Binance Labs, Binance’s growth remains meteoric and it holds over $100 billion under custody.

Binance has hit a major milestone, with the crypto exchange’s assets under custody surpassing $100 billion on March 18. This achievement comes despite recent legal troubles in the United States.

NEW: #Binance assets under custody have soared over $100 billion, doubling since the start of 2024

— BlockNews.com (@blocknewsdotcom) March 18, 2024

Binance’s Meteoric Growth

Binance’s assets under custody have more than doubled from $40 billion at the beginning of 2022. According to the company, the increase is partly driven by the recent uptick in crypto prices.

Binance says it holds all user funds at a 1:1 ratio plus additional reserves. It uses a proof-of-reserves system that anyone can verify. Experts warn that proofs-of-reserves don’t provide the full picture, as they don’t account for liabilities.

CEO Claims Debt-Free Capital Structure

Richard Teng, CEO of Binance, has claimed the exchange has a debt-free capital structure. Binance says figures from blockchain analysts, while useful, don’t perfectly represent user funds on the platform. It points to its monthly proof-of-reserves audits as the ultimate source.

Split From Venture Arm Despite $10 Billion Portfolio

In March, Binance announced it would cut ties with Binance Labs, its venture capital arm. Binance Labs has averaged 14x returns and has a portfolio worth $10 billion. It will retain the Binance trademark but operate independently.

Binance’s growth has been meteoric despite its legal challenges. With over $100 billion now under custody, it remains a dominant player in crypto. The exchange’s future depends on how it navigates regulations across different jurisdictions.

Tags: BinanceBlockchaincryptoDOJRichard Teng
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