Binance Users’ Assets Exceed $100 Billion

The world’s biggest cryptocurrency exchange, Binance, has announced that the value of assets it holds for its users has crossed the $100bn threshold.

The crypto exchange made this disclosure in a statement on Monday.

This achievement comes amid a surge in digital asset prices and an influx of strong inflows throughout March.

The exchange wrote on X (former Twitter), “The value of user asset holdings on Binance now exceeds $100bn.

“All user funds are backed at a 1:1 ratio and are fully verifiable through our Proof of Reserves, which highlight our commitment to user funds transparency,”

Two weeks ago, Binance announced its decision to cease its naira to dollar exchange services in Nigeria due to a dispute with Nigerian authorities, who accused the platform of manipulating the country’s foreign exchange rate.

Despite denying these allegations and refuting claims of facilitating illicit fund flows, Binance faced increasing scrutiny.

The Central Bank of Nigeria Governor Yemi Cardoso said that over $26bn in illicit funds had transited through the platform in the previous year.

In response to concerns, Binance disclosed that it had restricted 281 accounts belonging to Nigerians due to money laundering suspicions in 2022.

The platform highlighted its collaboration with the federal government to combat illicit activities and protect users.

However, tensions persist as Nigerian authorities sought detailed information from Binance, including data on its top 100 users and transaction histories for the past six months.

Despite the request, Binance had not yet responded.

Subsequently, a Federal High Court in Abuja issued an order for Binance to furnish the Economic and Financial Crimes Commission with comprehensive information regarding all Nigerian traders on its platform, following an ex-parte motion filed by the EFCC.