CryptoQuant: On-Chain Data Shows Crypto Exchange Binance Isn’t Exhibiting ‘FTX-Like’ Behavior

According to a report from Seoul-based analytics firm CryptoQuant, Binance – the world’s largest crypto exchange by volume traded – is not the next FTX. Utilizing on-chain data to back up their audit findings, CryptoQuant noted that Binance is overcollateralized, with its assets and debtors adding up to 101% of its liabilities. The exchange’s total BTC reserves were 591,939 BTC at the time of the audit, which was 99% of the Customer Liability Report Balance. Moreover, CryptoQuant’s on-chain data revealed that Binance has not experienced the same level of outflows that FTX had leading up to its collapse. While withdrawals have been increasing, they are comparatively small in comparison to Binance’s total reserves. Binance CEO Changpeng “CZ” Zhao welcomed the findings, tweeting his appreciation.

 

CryptoQuant: On-Chain Data Shows Crypto Exchange Binance Isn’t Exhibiting ‘FTX-Like’ Behavior

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