Binance has revealed that the total value of assets it maintains for its users are now worth more than $100 billion.
This was revealed in a statement through a post on X on monday, where they disclosed to their users saying, “All user funds are backed at a 1:1 ratio and are fully verifiable through our Proof of Reserves”..
However, this comes at a time of regulatory tensions in Nigeria, where Binance recently suspended its naira to dollar exchange services following a dispute with Nigerian authorities.
Accusations of manipulating the country’s foreign exchange rate and facilitating illicit fund flows led to increased scrutiny from Nigerian regulatory bodies. The Central Bank of Nigeria Governor, Yemi Cardoso, claimed that over $26 billion in illicit funds had transited through the platform in the previous year.
In response, Binance disclosed its actions against suspicious activities, revealing that it had restricted 281 accounts belonging to Nigerians due to money laundering suspicions in 2022.
Nigerian officials intensified their demands, requesting that Binance provide them with detailed information, including data on its top 100 users and transaction histories for the past six months. However, as of now, Binance has not responded to these requests.
