Binance holds more in reserves than next 5 largest exchanges combined

Binance holds approximately $153 billion in user assets, accounting for 56.5% of the total reserves held by the top six centralized exchanges (CEXs) that publish proof of reserves, according to research from The Block. The report notes that Binance serves over 320 million users and handles roughly one-third of global CEX spot trading volume and 42.5% of futures volume. However, believing it is difficult to maintain its edge through trading volume alone, Binance is attempting to expand beyond cryptocurrency. The research suggests Binance is following a playbook similar to that of WeChat, which evolved from a messaging app into an operating system for daily life serving its roughly 1.4 billion monthly users.