- According to Binance CEO CZ, crypto deposits on Binance have steadily increased over the past year.
- CZ further added how BTC balance on exchange is highest as compared to other cryptocurrency exchanges
Binance’s CEO Changpeng Zhao is in the news again, this time for tweeting key metrics concerning crypto deposits on the Binance exchange. According to CZ, Binance crypto deposits have increased steadily over the past year and are number 1 in size.
Crypto Deposits Have Notably Risen Over The Past Year, CZ Claims
Citing data from crypto analytics platform Glassnode, Binance’s CEO Changpeng Zhao claims that the exchange’s crypto deposits have increased steadily over the past year. The consistent rise in crypto deposits during the ongoing bearish market portrays a positive outlook of users towards the exchange.
Referring to data acquired from Glassnode, Zhao added that the Bitcoin balance on Binance is the highest compared to other leading exchanges including Coinbase, Bitfinex, Bitstamp, and Kucoin.
The Glassnode data tweeted by Zhao notes the overall BTC exchange held with Binance which is sitting at 627,970.54693811, while the rival Coinbase’s balance on exchange sits at 563,719.40817238. Per the latest Glassnode data, the Binance 24-hour BTC balance on exchange is currently at $261,331.12916146.
Bitcoin balance on exchanges is considered an important metric to decipher the overall strength and durability of an exchange. While analyzing exchanges at large, these comparative metrics provide minute analytics and insights on the broad trading volume and activity of a particular exchange.
Alongside, the outflow of crypto from an exchange also permits traders to analyze the current market momentum, and decide whether it’s the right time for them to invest or not.
Several users have also reacted to CZ’s claims of Binance holds the most BTC balance on the exchange. Many have remarked how Binance was successful in its endeavor to protect its users and establish itself as a steady crypto exchange.
However, the overall Bitcoin exchange balances are currently shrinking witnessing an increased outflow of funds. The Glassnode data depicts that more than 4.6% of the circulating supply has been offloaded recently citing the ongoing crypto winter situation.
Binance CEO Refutes Claims Of Losing Customers After Implementing KYC
Binance’s CEO has further refuted claims of losing 90% of its customers after introducing stricter KYC norms
Binance had earlier made KYC mandatory for all its accounts and had lowered the BTC withdrawal limit to 0.06 BTC for unverified accounts. The decision was made to protect the exchange from becoming a nucleus of illicit activity.
Calling out other media houses for publishing deceptive content, CZ tweeted:
‘It’s a complete misquote. Look at the numbers…But the fact is, this type of headline sells more clicks… Sad, but true.”
CZ tweeted how Binance has spent more than $1 billion on compliance efforts, adding that the market share of Binance has increased citing third-party data.