Binance: How much Bitcoin (BTC), does it own?

Several prominent companies have entered and left the cryptocurrency market. The collapse of FTX was the one which shook up the whole ecosystem. During this time, existing companies were expanding their businesses. Binance, founded by Changpeng Zhao has long been the leading cryptocurrency exchange. The firm is still in trouble for a number of reasons. Binance has been accused more recently of selling a large amount of Bitcoins (BTC), as well as Ethereums (ETH).

You may also like: MSTR Bitcoin Reserves Boost Shareholders by $1.8 Billion – A Strategic Move

Binance Bitcoin Balance

Binance, according to Coinglass data, currently has 567,001,81 BTC. The equivalent in USD is 54551159089. Binance’s stack has grown by 2789 BTC in the last day. Binance is ranked second in the rankings, after Coinbase. US-based cryptocurrency company owns 771 385 BTC. Bitfinex ranks third, with 362,595 BTC.

Earlier this morning, an X User revealed Binance has sold 94% Bitcoin. The community was shocked by this. AB Kaui Dong confirmed, however that the funds were exchange funds and didn’t belong to users. Binance dismissed these rumors quickly and said that the funds were part of Binance’s standard accounting. The exchange added,

“Binance is not selling assets. This was simply an adjustment in the Binance treasury’s accounting process. User funds are SAFU, as always.”

You may also like: A Massive Rally Starting for S&P 500: Will the Index Hit 6,600 Next?

What’s the BTC situation right now?

Bitcoin traded at $96,177.09 as of the writing. In the last day, the price of king coins dropped by 1.70 %. The world’s biggest cryptocurrency reached an all-time peak of $109114.88 back in January. After the recent crash in the stock market, this asset is now 11% lower than its peak.

You may also like: Ripple: Grayscale’s XRP ETF May Gain Approval As Early As Thursday This Week