Binance was founded back in 2017 and since then, it has earned itself the title of being the largest cryptocurrency exchange.
It has continued achieving more and more in the cryptocurrency industry and things are getting even more promising for the exchange.
In the running year, several centralized cryptocurrency exchanges have been criticized for misusing the assets of their users.
One of the biggest examples is FTX which was using its users’ crypto holdings to back up funds at Alameda Research.
However, as time are passing, centralized exchanges are becoming a problem for investors. This is the reason why people have started to lose confidence in such exchanges.
Binance is the Savior
At a time like this when investors have started to lose their confidence in centralized exchanges, Binance has come up to the sector’s support.
The largest cryptocurrency exchange by trading volume is indeed a centralized exchange and it is running its business better than any other exchange.
Whether it is a centralized exchange or a decentralized one, Binance has been performing really well. The exchange feels no harm from the regulatory scrutiny or investigations.
The reason is that the exchange is fully regulated and strictly adheres to all the regulatory policies. Therefore, the exchange is able to perform well, and thus, it can claim that its investors’ funds are safe.
Binance has Shared Bitcoin Holdings
Due to the recent crashes of major cryptocurrency platforms, investors are concerned about whether their funds are safe with third-party firms or not.
The investors are not ready to face another cash, which causes them to suffer from the same losses they faced due to FTX and Terra crashes.
Now, the investors are demanding to be provided with the proof-of-reserves. In such an environment, Binance has attempted to lighten the mood by sharing the addresses of its assets.
Statement by Changpeng Zhao
The CEO of Binance made a statement about the current reserves of Binance and how it will share its data with the crypto community.
He stated that they are working on the process of performing proof-of-reserves and it will soon be available to their users.
Changpeng Zhao Provided Bitcoin Reserves Stash Data
Although he claimed that they are working on the proof-of-reserves data for all the cryptocurrencies, they do have data available for Bitcoin.
Zhao revealed that on November 6, they had a total of 526,128 Bitcoin which amounted to around $8.63 billion.
However, as of November 12, their total stash had been reduced to 447,964 Bitcoin, amounting to around $7.34 billion.
This is an assurance for the cryptocurrency community that despite all the ups and downs, Binance is going nowhere. Therefore, investors must not lose their confidence in Binance.
This is also an assurance that the price of Bitcoin is going to rise soon as not many investors have withdrawn their funds from the exchange.