But this 57 million BNB is of questionable reliability because it contrasts sharply with the 22-40 million BNB identified by three data firms and the 16 million BNB Forbes identified using the publicly available etherscan tool. This BNB percentage is higher than any other data firm and Binance’s November statement. The CoinMarketCap January 4 BNB figure attributed to Binance represents 57 million BNB tokens and is equivalent to 31% of the exchange’s total assets. But CMC says that it supplements Binance data with that of Nansen and Defillama. The closest that an independent observer gets to the exchange’s official view on the BNB tokens on its balance sheet these days conceivably comes from CoinMarketCap (CMC), which is the largest crypto website in the world and is owned by Binance. At that time, the firm did include $17 billion denominated in BNB, which represented nearly a quarter of its assets.įast forward to today, BNB’s priced at $262 is a third lower than on November 4. If it can, data firms disagree on how much value to attribute to those holdings.īreaking with its habit of not disclosing sensitive financial information, Binance issued a public transparency statement almost two months ago, listing select crypto holdings. There’s substantial controversy about whether Binance’s BNB–a token whose minting and supply the exchange controls–represents a genuine asset that can meet external obligations in times of distress. The overall value of cryptocurrencies has shown an even larger decline, dropping 56% over the past year, to $848.7 billion, CoinMarketCap data show.ĬZ himself contributed to the demise of FTX in November when he announced on Twitter that he was planning to sell his holdings of the rival exchange’s FTX tokens, then worth about $580 million, citing “recent revelations that have came to light.” He followed that with a quickly rescinded rescue offer, claiming FTX’s “issues are beyond our control or ability to help,” implying that an initial look at company’s books showed a more severe situation than previously thought. Its BNB token is down almost 37% from 12 months ago, according to Nomics, and the exchange’s decision to stop charging fees for spot bitcoin trading as the market faltered cost it about $3 billion a year in lost revenue, Forbes calculates. Although it remains the largest cryptocurrency exchange by volume, Binance is not unscathed by the nearly yearlong decline in digital assets.
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