Binance Immense XRP Holdings Exposed
Binance, the world’s largest crypto exchange, has reported a significant increase in its XRP holdings, with over 2.738 billion tokens worth over $1.35 billion. This is due to investors depositing XRP into exchanges in the past month.
Binance’s Proof of Reserves report shows that the exchange holds a significant amount of XRP to cover 104.15% of customer balances. The increase is attributed to the recent deposit of 2.629 billion XRP tokens. Binance, one of the first major exchanges to list XRP in 2017, has been a major place for XRP trading. Coingecko data shows a trading volume of $84 million of Binance’s XRP/USDT trading pair in the past 24 hours, representing over 16.9% of the total XRP trading volume.
Binance has released a Proof of Reserves report, revealing that the exchange is fully supported on other cryptocurrencies. The report shows a BTC ratio of 104.67%, ETH ratio of 107.29%, BNB ratio of 113.72%, USDT ratio of 118.45%, BUSD ratio of 106.99%, USDC ratio of 104.09%, and LTC ratio of 101.31%.
This move is part of Binance’s push for transparency and client funds’ 1:1 backing. However, regulators have raised concerns about the legitimacy of Binance’s reserve audit. XRP has also seen a 1,300% surge in trading volume on other exchanges.
(With inputs from Shikha Singh)
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