Binance, the world’s largest cryptocurrency exchange by trading volume, has admitted to “erroneously” storing customer funds and the collateral of some of the tokens it issues.
According to Bloomberg, Binance is issuing 94 Binance peg tokens, also called ‘B-Tokens’. However, almost half of the reserves of these tokens are kept along with customers’ funds in a cold wallet called ‘Binance 8,’ the outlet said. The wallet’s reserve of tokens currently exceeds the volume of B-Tokens that the leading crypto exchange has issued, Bloomberg also said in a report.
In addition, the outlet said its calculation shows that more than $539 million in B-Tokens were affected as a result of the mix-up. However, a spokesperson who spoke to the news platform assured that users’ funds are supported 1:1 and added that the exchange is taking steps to rectify the situation.
Watch the recent FMLS22 on reimagining the cryptographic structure.
The new development at Binance comes as centralized exchanges face increased scrutiny following the November collapse of the Bahamas-based. cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for cryptocurrency or a digital asset. Comparable to a widespread financial exchange, the core function of a crypto exchange is to allow and encourage the buying and selling of cryptos. This is done by production. a stable trading environment suitable for traders nested across different locations around the world. Sometimes a crypto exchange can be referred to as a digital currency exchange (DCE) f
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for cryptocurrency or a digital asset. Comparable to a widespread financial exchange, the core function of a crypto exchange is to allow and encourage the buying and selling of cryptos. This is done by production. a stable trading environment suitable for traders nested across different locations around the world. Sometimes a crypto exchange can be referred to as a digital currency exchange (DCE) f
Read this Term, FTX, which allegedly released clients’ funds to a sister trading firm, Alameda Research. FTX continues to undergo bankruptcy proceedings in the United States.
More than a month ago, global financial auditor Mazars noted in a report that Binance’s reserves for Bitcoin were over-collateralized, standing at 101%, against the regular 100% or 1:1 asset-to-reserve ratio. Binance first launched its proof of reserves (PoR) for BTC in November last year.
Away from Binance, in order to assure its users of their financial health, other crypto exchanges have also announced PoRs for their digital assets. Last week, Seychelles-based crypto exchange OKX published its PoR, which shows that the platform is also over-collateralized, with around $7.5 billion in digital assets.
Financial Tycoons reports that while OKX users hold a total of 117,682 BTC , 1,178,993 ETH and 2,955,696,824 USDT, the crypto exchange’s reserve ratio stood at 105% for the first two digital assets and 101% for the stable coin
Stablecoin
Unlike other cryptocurrencies such as Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to maintain a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off by large swings and uncertainty presented by cryptos relative to other traditional assets. Stablecoins control this volatility by being linked to another cryptocurrency, fiat money or to exchange-traded goods, including.
Unlike other cryptocurrencies such as Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to maintain a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off by large swings and uncertainty presented by cryptos relative to other traditional assets. Stablecoins control this volatility by being linked to another cryptocurrency, fiat money or to exchange-traded commodities, including.
Read this Term.
Meanwhile, Singapore-based Crypto.com and another crypto exchange Biget have also recently launched their PoRs. The asset reserve ratios of the major cryptocurrencies on Crypto.com include: BTC (102%), ETH (101%), USDC (102%), USDT (106%), USDT (106%) and XRP (101% ). Others are Dogecoin (101%), Shiba Inu (102%), Link (101%) and Mana (102%).
Binance, the world’s largest cryptocurrency exchange by trading volume, has admitted to “erroneously” storing customer funds and the collateral of some of the tokens it issues.
According to Bloomberg, Binance is issuing 94 Binance peg tokens, also called ‘B-Tokens’. However, almost half of the reserves of these tokens are kept along with customers’ funds in a cold wallet called ‘Binance 8,’ the outlet said. The wallet’s reserve of tokens currently exceeds the volume of B-Tokens that the leading crypto exchange has issued, Bloomberg also said in a report.
In addition, the outlet said its calculation shows that more than $539 million in B-Tokens were affected as a result of the mix-up. However, a spokesperson who spoke to the news platform assured that users’ funds are supported 1:1 and added that the exchange is taking steps to rectify the situation.
Watch the recent FMLS22 on reimagining the cryptographic structure.
The new development at Binance comes as centralized exchanges face increased scrutiny following the November collapse of the Bahamas-based. cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for cryptocurrency or a digital asset. Comparable to a widespread financial exchange, the core function of a crypto exchange is to allow and encourage the buying and selling of cryptos. This is done by production. a stable trading environment suitable for traders nested across different locations around the world. Sometimes a crypto exchange can be referred to as a digital currency exchange (DCE) f
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for cryptocurrency or a digital asset. Comparable to a widespread financial exchange, the core function of a crypto exchange is to allow and encourage the buying and selling of cryptos. This is done by production. a stable trading environment suitable for traders nested across different locations around the world. Sometimes a crypto exchange can be referred to as a digital currency exchange (DCE) f
Read this Term, FTX, which allegedly released clients’ funds to a sister trading firm, Alameda Research. FTX continues to undergo bankruptcy proceedings in the United States.
More than a month ago, global financial auditor Mazars noted in a report that Binance’s reserves for Bitcoin were over-collateralized, standing at 101%, against the regular 100% or 1:1 asset-to-reserve ratio. Binance first launched its proof of reserves (PoR) for BTC in November last year.
Away from Binance, in order to assure its users of their financial health, other crypto exchanges have also announced PoRs for their digital assets. Last week, Seychelles-based crypto exchange OKX published its PoR, which shows that the platform is also over-collateralized, with around $7.5 billion in digital assets.
Financial Tycoons reports that while OKX users hold a total of 117,682 BTC , 1,178,993 ETH and 2,955,696,824 USDT, the crypto exchange’s reserve ratio stood at 105% for the first two digital assets and 101% for the stable coin
Stablecoin
Unlike other cryptocurrencies such as Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to maintain a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off by large swings and uncertainty presented by cryptos relative to other traditional assets. Stablecoins control this volatility by being linked to another cryptocurrency, fiat money or to exchange-traded commodities, including.
Unlike other cryptocurrencies such as Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to maintain a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off by large swings and uncertainty presented by cryptos relative to other traditional assets. Stablecoins control this volatility by being linked to another cryptocurrency, fiat money or to exchange-traded commodities, including.
Read this Term.
Meanwhile, Singapore-based Crypto.com and another crypto exchange Biget have also recently launched their PoRs. The asset reserve ratios of the major cryptocurrencies on Crypto.com include: BTC (102%), ETH (101%), USDC (102%), USDT (106%), USDT (106%) and XRP (101% ). Others are Dogecoin (101%), Shiba Inu (102%), Link (101%) and Mana (102%).
Bitcoin 
Ethereum 
Tether 
BNB 
USD Coin 
XRP 
Cardano 
Lido Staked Ether 
Dogecoin 
Polygon 