• May 21, 2024

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Binance Moves More than $2 Billion in Bitcoins

WebSummit Lisbon 2022
Reading time: < 1 minute

Crypto exchange Binance has transferred 127,351 BTC valued at around $2.06 billion as part of its reserves audit. 

Changpeng Zhao, the platform’s CEO, has said about it:

“This is part of the Proof-of-Reserve Audit. The auditor require us to send a specific amount to ourselves to show we control the wallet. Ignore FUD!”.

One user has pointed out that “many of thr crypto pundits” have used the exchange’s large transaction to predict a “huge crash.”

Binance’s CEO has responded with irony:

“Their shorts may get rekt. (not financial advice).”

In early November, in the midst of the FTX collapse, the exchange disclosed information about its own crypto reserves.

Binance then announced a reserve testing feature, which will allow Bitcoin holders to ensure that their funds on the platform are backed by adequate amounts of the asset. The solution is expected to be extended to other cryptocurrencies in the future.