Binance, one of the largest cryptocurrency exchanges in the world, carried out one of the largest tether (USDT) transactions on the Tron network. The operation involved the movement of around US$3.9 billion in USDT from the ‘Binance-Cold 2’ wallet to ‘Binance 3’, a company hot wallet. This move included the transfer of US$300 million to another internal wallet, ‘Binance-Hot 7’, leaving approximately US$3.6 billion in ‘Binance 3’.
This monumental operation was closely observed by ChainArgos, a renowned blockchain analysis company. The magnitude of this transaction places it among the largest ever carried out with tether on the Tron network, highlighting the growing activity and liquidity in the stablecoin market.
Additionally, Binance’s proof of reserves dated November 1 reveals intriguing financial data. According to the report, Binance held $18.1 billion in USDT against a debt of $15.3 billion to its customers. These numbers represent a significant increase compared to the end of the previous year, when Binance recorded US$13.9 billion in USDT and US$13.5 billion in customer debt.
Interestingly, data from Binance-owned CoinMarketCap indicates a $3.6 billion increase in the market value of USDT over the last month, which is similar to the amount transferred to Binance 3. This coincidence raises questions about the correlation between Binance’s internal activities and stablecoin market fluctuations.
However, it is not just the transaction volume that puts Binance in the spotlight. The exchange faces increasing scrutiny due to concerns over the management of its stablecoins, especially following issues related to Binance-Peg BUSD. This situation is compounded by the current legal challenges Binance faces, including lawsuits from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), as well as the possibility of criminal charges.
Recently, Binance also announced a new way to exchange tokens for its Web3 Wallet.
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