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

After FTX collapsed, the incident prompted many main crypto exchanges to publish proof-of-reserves and lists of recognized addresses so customers can confirm the solvency of the buying and selling platforms. While the veracity of those proof-of-reserve lists and asset dashboards is debatable, they do present some perception into the massive sums of cryptocurrency held in custody by main exchanges. For instance, Binance, the biggest cryptocurrency alternate by commerce quantity, manages $66 billion in crypto belongings, which is greater than 6% of your complete cryptocurrency economic system’s internet worth of $1 trillion.

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

It has been greater than 80 days since Coindesk revealed a story about Alameda Research’s stability sheet, which confirmed the quantitative buying and selling desk owned a considerable amount of ftx token (FTT). Then, on Nov. 6, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his alternate can be promoting its FTT holdings. Since then, FTT has misplaced appreciable worth and FTX filed for chapter safety 5 days in a while Nov. 11. At that point, and previous to FTX’s failure, it was difficult to watch the alternate’s reserves as executives saved issues very opaque. This state of affairs has led exchanges to launch proof-of-reserve lists and there was criticism from crypto business members over particular sorts of lists and the way they’re audited.

Additionally, Paul Munter, the U.S. Securities and Exchange Commission’s (SEC) performing chief accountant, not too long ago stated that the SEC is carefully monitoring proof-of-reserves (POR). Despite the complaints, the accessible proof-of-reserve lists present some perception into what entities maintain and, to a sure extent, they assist enhance market stability as a result of folks can monitor the holdings. The following is an examination of 5 completely different centralized crypto asset exchanges and their holdings in crypto belongings as of Jan. 22, 2023, in response to nansen.ai’s exchange list. Nansen contains a dashboard for 18 completely different centralized crypto alternate platforms.

Binance

Binance is the biggest with $66 billion in digital belongings held in reserves by the crypto alternate large. On Jan. 22, the biggest crypto alternate by commerce quantity held 486,427 bitcoin (BTC), value $11.1 billion. In phrases of stablecoins, Binance holds $13.2 billion in tether (USDT) and $13.3 billion in BUSD.

Additionally, Binance holds 4.7 million ether, value $7.6 billion, and one other $7.6 billion value of binance coin (BNB). The alternate additionally holds greater than $13 billion value of different crypto belongings which can be too quite a few to call. If Binance’s stash was included within the high ten crypto belongings by market cap, it will rank within the fourth place.

Okx

Nansen’s dashboard record reveals that the crypto alternate Okx holds $7.6 billion in crypto belongings. $3 billion of the funds are held in tether (USDT), and the alternate additionally holds 97,656 BTC, value $2.2 billion.

25.95% of Okx’s belongings are held in ethereum (ETH), or a stability of 1.2 million ether, value $1.9 billion, utilizing present alternate charges for ETH. Additionally, Okx holds roughly 294 million usd coin (USDC) as nicely.

Crypto.com

Crypto.com manages round $3.83 billion on Jan. 22, and its holdings at present embody 44,208 BTC, value simply over $1 billion. The alternate additionally holds 514,763 ETH, which is value roughly $833 million on Sunday.

Nansen’s Crypto.com dashboard additional reveals that the buying and selling platform holds 17.28% of its holdings in shiba inu (SHIB). Crypto.com’s SHIB holdings embody round 55.2 trillion SHIB, or $663 million value of the meme token. The buying and selling platform additionally manages round 585 million usd coin (USDC) and a pair of.1 billion cronos (CRO), value round $167 million.

Bitfinex

The digital forex buying and selling platform Bitfinex holds $8 billion in crypto belongings on Sunday, Jan. 22, 2023. 54.29% of Bitfinex’s holdings are in bitcoin (BTC), or round 191,654 BTC, value $4.36 billion right now. 28.15% of Bitfinex’s belongings are saved in unus sed leo tokens (LEO), or round $2.2 billion value of LEO.

The alternate additionally holds 466,014 ethereum (ETH), value $756 million, on Jan. 22. Additionally, Bitfinex manages 331 million tether (USDT) and 0.64% of Bitfinex’s belongings, or round 126 million XRP, are held in reserves.

Huobi

Huobi holds round $3.17 billion on Jan. 22, and 30.91% of the belongings are within the alternate coin, huobi token (HT). The alternate manages 196 million HT, which is value roughly $980 million right now in USD worth.

Huobi additionally holds 617 million tether (USDT) and 9 million tron (TRX), value $596 million. 12.13% of Huobi’s belongings are held in BTC, 5.35% is saved in ETH, and 13.35% of Huobi’s belongings are different crypto belongings too quite a few to call. $7.7 million value of the worth derives from the 57.58 million HUSD that Huobi holds, which is 30.66% of the HUSD provide. While HUSD was as soon as a stablecoin pegged to the U.S. greenback, HUSD is now buying and selling for $0.13 per coin.

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

All 5 of the aforementioned cryptocurrency exchanges maintain $88.6 billion in crypto belongings mixed. The mixed worth of all 5 of the alternate’s reserves equates to eight.6% of the present $1 trillion crypto economic system.

74.49% of the $88.6 billion is held on Binance, and the remainder is dispersed amongst Okx, Crypto.com, Bitfinex, and Huobi. The buying and selling platform with the biggest alternate token cash is Bitfinex, with its stash of $2.2 billion value of LEO. Out of the 5 talked about exchanges, Binance holds essentially the most Bitcoin (BTC) with its cache of 486,427 BTC.

What do you concentrate on the latest pattern of crypto exchanges publishing proof-of-reserve lists and asset dashboards? Do you’ve got considerations in regards to the veracity of those lists? Let us know what you concentrate on this topic within the feedback part beneath.