Data from analytics site CryptoQuant recently revealed that Binance has surpassed Coinbase Pro, a leading crypto exchange platform, to reach the top rank in terms of Bitcoin reserves on the exchange for the first time.
Binance surged past Coinbase Pro to assume the lead with 584,083 BTC. Coinbase came in second with 533,048 Bitcoins, while Bitfinex, Gemini, and Kraken came in third, fourth and fifth, respectively.
CryptoQuant analysis also concluded that “every move of Changpeng Zhao, commonly known as ‘CZ’ will play the most crucial role in regaining confidence in this market, and vice versa; if he makes any mistake, it will be a colossal red cataclysm for this entire market.”
Binance’s rock-bottom fees and extensive array of cryptocurrencies make it appealing to traders of all stripes. Binance recently disclosed that it had more than 7,400 employees as of November 21, and that it targeted reaching around 8,000 by the end of the year.
On November 8, Binance offered to buy rival cryptocurrency exchange FTX’s non-US operations to help cover the latter’s liquidity crunch. However, it backed out of the deal the next day, citing concerns about FTX’s business practices and investigations by US financial regulators.
Crypto experienced one of its worst periods in the wake of the stunning collapse of the FTX exchange. Most exchanges’ reserves dropped significantly in the dip and many related firms were facing financial risks. Crypto lender BlockFi, which said it has “significant exposure” to beleaguered FTX, has put client loans into forbearance. Sequoia Capital apologized to its fund investors for the $150 million it lost on FTX.