Major crypto exchanges such as Binance, Huobi, OKX, Crypto.com, and Bitfinex published proofs of reserve in their portfolios to reassure users after FTX’s collapse and confirm security of their assets.
Nansen, an analytics firm, released data on amounts held on crypto wallets of large trading platforms.
According to Nansen’s analysis, the exchanges’ reserves look as follows in dollar terms:
- Binance — $63 billion.
- Bitfinex — $8 billion.
- OKX — $5.9 billion.
- Huobi — $3.3 billion.
- Crypto.com — $2.6 billion.
- KuCoin — $2.6 billion.
- Deribit — $1.5 billion.
Binance holds the largest reserves. About 34% of its assets are held in BUSD and 20% in USDT. The company owns about $7.8 billion in BTC and $6 billion in ETH. Nansen reports that Binance’s total return based on current token holdings rose by 263% to $13.5 billion from November 10 to 15.
Bitfinex’s funds are 43% in BTC, 31% in LEO, and 20% in ETH. However, the trading platform’s cumulative profit nearly halved to just $334 million between November 10 and 15.
OKX holds reserves in USDT, which accounts for about 47% of its portfolio. The company stores 26% of its assets in BTC, while another 20% are held in ETH. As of November 15, the exchange’s cumulative profit was $643 million, showing a two-fold increase from November 10.
Huobi’s reserves are 29% in HT tokens, 23% in USDT, and 15% in TRX. BTC accounts for 15% of the company’s portfolio. Yet, the trading platform’s cumulative profit rose by over 300% to $580 million from November 10 to 15.
Crypto.com has 29% of its assets in BTC, 21% in SHIB, and 15% in USDC. ETH makes up 14% of the site’s reserves. Its cumulative profit fell by 60% to about $120 million from November 10 to 15.
KuCoin’s assets consist of 29% in USDT and 20% in KCS. The exchange keeps only 11% of its assets in BTC, 10% in USDC, and 8% in ETH. The cumulative profit from November 10 to 15 remains stable at $227 million.
Deribit’s reserves are stored in BTC (56%) and ETH (42%). The platform’s cumulative profit halved between November 10 and 15 to just over $100 million.
Alex Svanevik, Co-Founder and CEO of Nansen, stressed that the data presented is not an “exhaustive or complete statement of the actual assets/reserves held.”
FTX’s crash undermined user confidence in trading platforms, which provoked active transfers of stablecoins between crypto exchanges. Furthermore, a record outflow of BTC from CEXs was recorded. At the same time, major crypto exchanges expressed their willingness to undergo the Proof-of-Reserve procedure, i.e., to conduct a public audit of their reserves.
