New on-chain data reveals that tens of billions of dollars worth of digital assets are currently sitting within the reserves of crypto exchange platforms Binance, Bitfinex and OKX.
Citing information from crypto data aggregator DeFi Llama, blockchain tracker Lookonchain says that Binance holds $66.91 billion worth of crypto assets while OKX and Bitfinex hold $12.41 billion and $11.74 billion, respectively.
“According to DeFi Llama,
Binance holds $66.917 billion assets: $20.578 billion BTC, $18.84 billion USDT [and] $8.085 billion wETH/ETH.
OKX holds $12.413 billion assets: $5.2 billion USDT, $4.827 billion BTC, [and]$1.95 billion wETH.
Bitfinex holds $11.746 billion assets: $7.69 billion BTC, $2.596 billion LEO [and] $0.77 billion wETH.”
The majority of the 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 grapple with regulatory oversight. Earlier this month, the crypto exchange was hit with a $4.3 billion fine for failing to maintain adequate anti-money laundering protocols. Furthermore, its CEO, Changpeng Zhao, pleaded guilty to the charges and stepped down from his position.
Last week, new Binance chief executive Richard Teng said that the firm’s fundamentals remain “very strong” despite its regulatory woes.
Previously, data from market intelligence firm Nansen found that Binance saw an outflow of $17 million worth of Ethereum and $956 million worth of Bitcoin near the time it was hit with the fine. However, it also showed that Binance’s total holdings slightly increased during that time.
“Total holdings value has increased over the past 12 hours from $64.6 billion to $65.2 billion. This takes into account outflows and changes in prices over the past 12 hours.”
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