The world’s biggest cryptocurrency exchange, Binance, has announced that the value of assets it holds for its users has crossed the $100 billion threshold.
This announcement was made by the cryptocurrency exchange in a statement on Monday.
Binance Capital Inflow Increases
This accomplishment occurs amid a large inflow of capital throughout March and a jump in the price of digital assets.
The exchange stated, “User asset holdings on Binance now exceed $100 billion” on X, the former Twitter platform.
“We are dedicated to promoting transparency regarding user funds, as evidenced by our Proof of Reserves, which fully verify all user funds at a 1:1 ratio.”
“Due to a disagreement with Nigerian authorities, who accused Binance of manipulating the nation’s foreign exchange rate, Binance stated two weeks ago that it would be discontinuing its naira-to-dollar exchange services in Nigeria.”
Even after Binance denied these accusations and disproved charges that it was assisting illegal fund transfers, it came under more and more scrutiny.
“According to Yemi Cardoso, governor of the Central Bank of Nigeria, almost $26 billion in illicit funds passed via the platform in the previous year. ”
Binance said in 2022 that it had blocked 281 Nigerian accounts because of possible money laundering. This action was taken in response to concerns.
The platform made a point of highlighting how it works with the federal authorities to stop illegal activity and safeguard users.
Tensions still exist, though, as Binance was asked by Nigerian authorities for extensive information, including information on the top 100 users and transaction history for the previous six months.
Jerrymusa.com report that the inquiry had not yet received a response from Binance.
Later, a Federal High Court in Abuja ruled that Binance must provide the Economic and Financial Crimes Commission with detailed information on every dealer from Nigeria on its platform, following an ex-parte motion filed by the EFCC.