Binance’s On-Chain Balance Stands at $64B, Nansen Data Shows
Binance’s on-chain balance remains high, despite U.S. regulators charging Binance for violating U.S federal law this past week and Forbes’ allegations last month that Binance cd shuffled assets in a similar manner as FTX.
Data from blockchain analytics firm Nansen shows that Binance’s on-chain portfolio currently stands at $64 billion. USDT, BTC, ETH, BUSD and BNB are Binance’s largest holdings, making up roughly 81% of the crypto exchange’s total balance at press time.
The reserves display the asset backing, and strength, of Binance which may cushion outflows from the exchange as some fear an FTX repeat. Binance has, as of Wednesday, seen over $600 million in customer token outflows, although the figure is still relatively lower than when BUSD-issued Paxos was slapped by a U.S. Securities and Exchange Commission lawsuit earlier this year. Binance processed over $2 billion in withdrawals in a single day at the time.
Recent allegations from the U.S. Commodity Futures Commission against Binance and its founder Changpeng Zhao “should be a slap on the wrist,” Fundstrat analyst Walter Teng told CoinDesk over Twitter.
While Binance depositors rushed to exit from the ecosystem, ”without recursive leverage using bnb busd, [it’s] tough to imagine there will be a force unwind,“ he said. Binance’s on-chain portfolio shows the amount of capital people hold on the world’s largest exchange by transaction volume.
According to Charles Storry, head of growth at crypto index platform Phuture, funds, traders and investors who have exposure to Binance see the current situation as “business as usual.”
“The news from the CFTC hasn’t caused investor panic. That’s extended into those holding value in Binance…Binance isn’t well known for being the most transparent exchange, yet they’ve managed to weather many storms,” Storry told CoinDesk in a Telegram message.