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

Following the collapse of FTX, the incident prompted several major crypto exchanges to publish proof-of-reserves and lists of known addresses so that users could verify the solvency of the trading platform. While the veracity of these proof-of-reserve lists and asset dashboards is a matter of debate, they do provide some insight into the large amounts of cryptocurrencies held in custody by major exchanges. For example, the largest cryptocurrency exchange by trading volume, Binance, manages $66 billion in crypto assets, which is more than 6% of the $1 trillion net worth of the entire cryptocurrency economy.

Inspecting 5 Proof-of-Reserve Lists That Provide Insight into Large Cryptocurrency Holdings

CoinDesk has been published for over 80 days story Regarding the balance sheet of Alameda Research, which shows that the Quantitative Trading Desk owns a significant amount of FTX Tokens (FTT). Then, on November 6, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his exchange would sell its FTT holdings. Since then, FTT has lost a lot of value and FTX filed for bankruptcy protection five days later on November 11. At the time, and prior to the FTX failure, monitoring the exchange’s reserves was challenging because the authorities kept things very opaque. This situation has prompted exchanges to issue proof-of-reserve lists and criticism from members of the crypto industry over the specific type of lists and how they are audited.

Additionally, Paul Munter, Acting Chief Accountant for the US Securities and Exchange Commission (SEC), recently stated that the SEC is closely monitoring proof-of-reserve (PoR). Despite complaints, the available proof-of-reserve lists provide some insight into what institutions hold and, to a certain extent, they help improve market stability because people can monitor holdings. The following is an examination of five different centralized crypto asset exchanges and their holdings in crypto assets as of January 22, 2023 Exchange list of nansen.ai, Nansen has a dashboard for 18 different centralized crypto exchange platforms.

binance

Binance is the biggest $66 billion In digital assets held in the repository by the crypto exchange giant. On January 22, the largest crypto exchange by trading volume traded 486,427 bitcoin (B T c), which is worth $11.1 billion. In terms of stablecoins, Binance holds $13.2 billion in Tether (usdt) and $13.3 billion in BUSD.

Binance Token Allocation on January 22, 2023.

Additionally, Binance holds 4.7 million Ether, worth $7.6 billion, and another $7.6 billion worth of Binance Coin (bnb, The exchange also holds other crypto assets worth over $13 billion which are too many to name. If Binance Vault were to be ranked among the top ten crypto assets by market cap, it would rank fourth.

ok

Nansen’s Dashboard List Reveals Crypto Exchange Holds OXX $7.6 billionn in crypto assets. $3 billion is held in Tether (usdt), and there are also 97,656 in the exchange B T cWorth $2.2 billion.

Okx token allocation on January 22, 2023.

25.95% of Okx’s assets are in Ethereum (ETH), or a balance of 1.2 million Ether, worth $1.9 billion, using current exchange rates ETH, Additionally, Okx also holds approximately 294 million USD Coins (USDC).

crypto.com

Manages Around Crypto.com $3.83 billion on January 22, and its holdings currently include 44,208 B T c, which is worth a little over $1 billion. There are also 514,763 in the exchange ETHWhich is worth about $833 million on Sunday.

corcrocrocro
Crypto.com token allocation on January 22, 2023.

Nansen’s Crypto.com dashboard further shows that Shiba Inu (SHIB) holds a 17.28% stake in the trading platform. Crypto.com’s SHIB holdings include approximately 55.2 trillion SHIB, or $663 million worth of MIME tokens. The trading platform manages approximately 585 million USD Coin (USDC) and 2.1 billion Kronos (CRO), which is valued at approximately $167 million.

bitfinex

Bitfinex holds digital currency trading platform $8 billion on Sunday, January 22nd, 2023 in crypto assets. Bitfinex holds 54.29% of its holdings in bitcoin (B T c), or about 191,654 B T c, which is worth $4.36 billion today. 28.15% of Bitfinex’s assets are held in unused sed leo tokens (LEO) or about $2.2 billion worth of LEO.

Bitfinex token allocation on January 22, 2023.

466,014 Ethereum on the exchange (ETH), which was worth $756 million on 22 January. Additionally, Bitfinex manages 331 million Tether (usdt) and 0.64% of Bitfinex’s assets, or about 126 million XRPare kept in reserve.

Huobi

Huobi keeps around $3.17 billion as of January 22, and 30.91% of assets are in the exchange coin, the Huobi Token (HT). The exchange manages 196 million HT, which is roughly $980 million in USD value today.

huobi
Huobi token allocation on January 22, 2023. Featured on Exchange Portfolio Exchange list of nansen.ai,

Huobi has 617 million Tether (usdt) and 9 million Tron (clean start), which is worth $596 million. Huobi owns 12.13% of its assets B T cstored in 5.35% ETH, and 13.35% of Huobi’s assets are alternative crypto assets which are too numerous to name. The $7.7 million came from Huobi holding 57.58 million HUSD, which is 30.66% of the HUSD supply. While HUSD was once a stablecoin pegged to the US Dollar, HUSD is now trading at $0.13 per coin.

5 exchanges hold $88.6 billion or 8.6% of the current USD value of the crypto economy

All five of the above-mentioned cryptocurrency exchanges hold a combined $88.6 billion in crypto assets. The combined value of all five reserves of the exchange is equivalent to 8.6% of the current $1 trillion crypto economy.

74.49% of the $88.6 billion is held on Binance, and the rest is spread between Okx, Crypto.com, Bitfinex and Huobi. The largest exchange trading platform with Token Coin is Bitfinex, which has LEO worth $2.2 billion. Of the five exchanges mentioned, Binance holds the most bitcoin (B T c) with its cache 486,427 B T c,

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What do you think about the recent trend of crypto exchanges publishing proof-of-reserve lists and asset dashboards? Are you concerned about the accuracy of these lists? Tell us what you think about this topic in the comments section below.

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