Binance Dominates Crypto Space with $55B in Total Assets
Binance, the leading cryptocurrency exchange in the world, has once again proven its dominance in the crypto space by holding a total of $55 billion in assets. The combined assets of the subsequent nine largest centralized exchanges (CEXs), including Crypto.com, OKEx, Bitfinex, Huobi, KuCoin, Bybit, Gate.io, Deribit, and Bitget, still can’t match the impressive figure. The total assets of these exchanges are estimated to be around $29.4 billion, which is less than half of Binance’s assets.
The CEO of Binance, Changpeng Zhao (CZ), recently commented on the impressive achievement by stating that the company is now back to its pre-FTX levels. As you may know, the collapse of FTX devastated the crypto market. This affected Binance heavily, as Binance is one of the biggest players in the industry. Even after the fall of FTX, Binance held on pretty tight. Nevertheless, as the market went into a state of panic, a lot of FUD was being spread with claims that, just like FTX, Binance was insolvent. Well, even with tens of billions of dollars of outflow in just 48 hours, Binance remained solvent. This strengthened Binance’s position in the industry even more, with people trusting the exchange now more than ever.
CZ stated that the recent negativity was a “good stress test” for the company and has only strengthened Binance. The CEO’s confidence in the company’s performance is a positive sign for the cryptocurrency market as a whole and shows that Binance is not only leading in terms of assets but also in terms of its ability to withstand market turbulence and volatility.
Bitfinex and OKX Come After Binance
The top nine CEXs, apart from Binance, have also undergone significant growth recently. Bitfinex, for instance, has total assets worth $8.17 billion, making it the second-largest in terms of total assets. OKEx, another leading exchange, holds assets worth $7.2 billion, while Crypto.com has clean assets worth $3.47 billion.
As mentioned above, Huobi, KuCoin, Bybit, Gate.io, Deribit, and Bitget are also among the top ten exchanges in the market. These exchanges hold assets worth $3.24 billion, $2.58 billion, $2.56 billion, $1.74 billion, $1.58 billion, and $818 million, respectively. Despite these impressive figures, these exchanges are still far behind Binance in terms of total assets.
One notable absence from the list is Coinbase, the largest cryptocurrency exchange in the United States. Despite being one of the largest exchanges in the market, Coinbase has not made its total assets public. This has led to speculation about the company’s financial status and raised questions about its transparency. Of course, Coinbase has gotten a Proof-of-Reserves audit from one of the biggest auditors out there, Deloitte. Nevertheless, when it comes to live, up-to-date statistics regarding the exchange’s total, clear assets, it did not make them public.
In other words, Binance’s recent performance has once again shown the company’s dominance in the cryptocurrency market. The combined assets of the next nine largest CEXs still can’t match Binance’s impressive figure of $55 billion. CZ has been very vocal regarding the position of Binance in the market, and he is not to blame. While everyone doubted every centralized exchange in the market back in November, CZ kept working and building up, advising everyone to do the same. Today, statistics show the success of such a practice, with Binance growing in value despite the bear market we find ourselves in right now.
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