The largest cryptocurrency exchange, Binance, has said that the total value of assets it holds for its users has passed $100 billion.
Binance revealed this information in a statement on Monday.
This accomplishment comes during a period of rising digital asset prices and a significant increase in inflows during March.
The exchange posted on X (former Twitter), “The value of user asset holdings on Binance now exceeds $100 billion.
“All user funds are backed at a 1:1 ratio and can be fully verified through our Proof of Reserves, underscoring our commitment to transparency with user funds,”
Binance announced two weeks ago that it would stop providing naira to dollar exchange services in Nigeria due to a disagreement with Nigerian authorities, who accused the platform of manipulating the country’s foreign exchange rate.
Despite refuting these allegations and denying claims of enabling illegal fund flows, Binance faced increased scrutiny.
Yemi Cardoso, the Governor of the Central Bank of Nigeria, stated that over $26 billion in illicit funds had gone through the platform in the previous year.
In response to concerns, Binance revealed that it had restricted 281 accounts belonging to Nigerians due to suspicions of money laundering in 2022.
The platform emphasized its collaboration with the federal government to combat illegal activities and safeguard users.
However, tensions remain as Nigerian authorities requested 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.
As a result, a Federal High Court in Abuja issued an order for Binance to provide the Economic and Financial Crimes Commission with comprehensive information about all Nigerian traders on its platform, following an ex-parte motion filed by the EFCC.
