Binance's CZ Slams Reports Binance's Reserves Are Full of Its Own Tokens

An anonymous reader quotes a report from Benzinga: Binance CEO Changpeng Zhao on Friday came down heavily on a report the cryptocurrency exchange holds $74.6 billion in tokens, out of which nearly 40% are its own stablecoin BUSD and native coin BNB. Sharing data provided by blockchain analytics firm provided by Nansen, the Bloomberg report said about $23 billion of the $74.6 billion net worth is in the company's own stablecoin BUSD and $6.4 billion was in its own cryptocurrency, BNB. According to Nansen data, the exchange has also allocated 10.5% of its holdings to Bitcoin and 9.8% to Ether. Challenging the report, Zhao, popularly known as "CZ" in the crypto industry, said: "#BUSD is issued by Paxos, an NYDFS regulated entity, not Binance. The numbers are all wrong too. These are users' assets, in the form users choose to store with us. We don't convert for them." According to data shared by Binance, it holds around 475,000 Bitcoin ($7.8 billion), 4.8 million Ether ($5.57 billion), 17.6 billion USDT ($607 million), as well as close to 21.7 billion of its own stablecoin BUSD (worth $21.9 billion) and 58 million of its BNB tokens (worth $16 billion). The current value of these tokens is about $72.3 billion, according to Nansen.

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