The cryptocurrency industry has witnessed the arrival and departure of several prominent firms. The one that shook the entire ecosystem was the downfall of FTX. Amidst this, the existing firms were trying to expand their business. Founded by Changpeng Zhao, Binance has been the top cryptocurrency exchange for a while now. Despite this, the firm has been drowning in troubled waters for several reasons. More recently, Binance was accused of selling off a significant amount of Bitcoin (BTC) as well as Ethereum (ETH).

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Looking Into Binance’s Bitcoin Balance

According to data from Coinglass, Binance currently holds a total of 567,001.81 BTC. This equates to 54551159089 USD. Over the past 24 hours, Binance has added 2789 BTC into its stack. The exchange stands second on the list after Coinbase Pro. The US-based cryptocurrency firm owns a staggering 771,385 BTC in total. Bitfinex is third on the list with a total of 362,595 BTC.

Earlier today, an X user revealed that Binance had sold 94% of its Bitcoin. This came as a massive shock to the community. However, AB Kaui Dong affirmed that this was the exchange’s funds and did not belong to its users. But Binance was swift to dismiss the rumors and affirmed that it was part of its standard accounting process. The exchange added,

“Binance is not selling assets. This was simply an adjustment in the Binance treasury’s accounting process. User funds are SAFU, as always.”

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How Is BTC Faring Right Now?

At the time of writing, Bitcoin was trading at $96,177.09. The king coin recorded a 1.70% drop in its price over the past 24 hours. It should be noted that the world’s largest cryptocurrency surged to an all-time high of $109,114.88 in January. But following the market’s latest crash, the asset is 11% below this peak.

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