Examining the Holdings of 5 Centralized Crypto Exchanges: A Look at Binance, OKEx, Crypto.com, Bitfinex and Huobi
More than 80 days have passed since CoinDesk published a story about Alameda Research’s balance sheet showing that the quantitative trading desk held significant amounts of NFT tokens. Yet on November 6, Changpeng Zhao (CZ), the CEO of crypto exchange Binance, revealed that his exchange would sell to FTT Holdings. Since then FTT has lost considerable value and was filed on November 11, 5 days after the crypto exchange’s bankruptcy protection. Prior to the failure of the crypto exchange at that time, monitoring the reserves of the exchange was a challenging task as the authorities kept all the facts very opaque i.e. out of reach and out of reach of the public. This situation has prompted exchanges to publish proof-of-reserve lists, and there has been criticism from members of the crypto industry on specific lists regarding how they are audited.
In addition, the U.S. There was a recent statement by Securities and Exchange Commission Acting Chief Accountant Paul Munter that the Securities and Exchange Commission is closely monitoring Proof on Reserve and that Proof of Reserve lists provided despite complaints provide some insight what the institutions hold and to a certain extent they can help to improve market stability as people can monitor the holdings. The following is an examination of their holdings in five different centralized crypto assets as of January 22, 2023, according to a list from nansen.ai. Nansen has a dashboard for 18 different centralized crypto exchange platforms.
Binance
The top-ranked crypto exchange is the most advanced with $66 billion in digital assets. The largest crypto exchange by trading volume on January 22 held 486,427 bitcoin (BTC) worth $11.1 billion. Regarding stablecoins, it holds $13.2 billion in Tether ( USDT ) and $13.3 billion in BUSD. In addition it holds 4.7 million Ether, worth $7.6 billion, and Binance Coin (BNB) worth another $7.6 billion. The exchange also has over $13 billion worth of assets and other crypto assets too many to name and its stash would be seen in fourth place if it were to include the top 10 cryptocurrencies by market cap.
Crypto exchange Okx appears to have N$7.6 billion in crypto assets, according to Nansen’s dashboard list. $3 billion is held in Tether (USDT) and the exchange also currently holds 97,656 BTC, worth $2.2 billion. 25.95% of Okx’s assets are Ethereum, or $1.9 billion using current exchange rates. K has a balance of 1.2 million Ether. Additionally, Okx also holds approximately 294 million USD Coins (USDC).
crypto.com
Crypto.com manages approximately $3.83 billion as of January 22 and its holdings currently include 44208 bitcoins and are valued at one billion dollars. Of course it could be more than that and the exchange has 514763 Ethereum worth about $833 million as of Sunday. Nansen’s crypto.com car dashboard further shows that Shiba Inu (SHIB) holds a 17.28% stake in the trading platform. Crypto.com’s SHIB holdings also include approximately 55.2 trillion SHIB, or $663 million worth of MIME tokens, while the trading platform manages approximately 585 million USD Coin (USDC) and 2.1 billion Kronos (CRO), valued at is about 167 million dollars.
bitfinex
Digital currency trading platform Bitfinex has assets worth $8 billion as of January 22, 2023, and 54.29% of its holdings are in bitcoin ( BTC ) or about 191,654 BTC, 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. On January 22, the exchange held 466,014 Ethereum (ETH) worth $756 million. Additionally, Bitfinex also affects 331 million Tether ( USDT ) and 0.64% of its assets, or approximately 126 million XRP , are held in reserves.
Huobi
It held $3.17 billion as of January 22, and 30.91% of assets are in the exchange coin, the Huobi Token (HT). The exchange also manages 196 million HT which is worth $980 million in today’s value. Huobi also holds 617 million Tether (USDT) and 9 million Tron (TRX), worth $596 million. 12.13% of Huobi’s assets are in bitcoin and in addition, 5.35% is stored in ETH, and 13.35% of Huobi’s assets are seen under alternative crypto assets which are too many to name. The $7.7 million came from Huobi holding 57.58 million HUSD, which is 30.66% of the HUSD supply. HUSD was once a stablecoin pegged to the US Dollar, with HUSD now trading at $0.13 per coin. All five combined cryptocurrency exchanges hold $88.6 billion in crypto assets. The combined value of all the five reserves of the Exchange exists That’s equivalent to 8.6% of the $1 trillion crypto economy.
74.49% of the $88.6 billion is seen 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 all the five exchanges shown, Binance holds the most bitcoin (BTC) with a cache of 486,427 BT.
