TL;DR
Binance’s Holdings: Binance’s portfolio includes over $56 billion in digital assets, with Bitcoin and Ether as the top holdings and Ripple’s XRP accounting for a small percentage.
Legal Settlement and CEO Change: Following a $4.3 billion settlement with the US DOJ for money laundering charges, Binance’s CEO Changpeng Zhao resigned and was replaced by Richard Teng.
Market Reaction: Binance’s legal and leadership issues have negatively impacted the cryptocurrency market, notably causing a 10% drop in the value of Binance Coin (BNB).
Not a Big Chunk
One hot topic that has recently intrigued the cryptocurrency community is Binance, particularly its issues with the American authorities and the resignation of its former CEO – Changpeng Zhao. In the following lines, we will dive deeper into some of the company’s metrics and explore its list of holdings.
According to data presented by Dune, the portfolio allocation of the world’s largest cryptocurrency exchange consists of over $56 billion worth of digital assets. Bitcoin (BTC) makes up approximately a third of that amount with $18.8 billion, whereas Ether (ETH) is second with $9.6 billion.
Interestingly, Ripple’s native token – XRP – is not among the top 10 assets, representing just 0.11% of Binance’s overall holdings, or approximately $60 million.
Binance Holdings, Source: Dune Brief Recap of the Binance Saga
As CryptoPotato reported, the exchange settled money laundering charges with the US Department of Justice (DOJ), agreeing to pay $4.3 billion in fines. Additionally, the previous boss of Binance – Changpeng Zhao – had to pay a personal fine of $50 million and resigned from his CEO position.
The one who took the helm at the crypto behemoth is Richard Teng (previously serving as Global Head of Regional Markets).
The drama surrounding Binance could be one reason why the cryptocurrency market has flashed red today (November 22). Binance Coin (BNB) – the native token of the marketplace – is among the most affected digital assets, recording a 10% decline for the past 24 hours (per CoinGecko’s data).
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