Nansen Analyst: On-Chain Data Shows Binance’s Financials Are a ‘Black Box’

Dec 21,2022
KingData News: Binance, the top cryptocurrency exchange by trading volume, may be “tremendously well capitalized,” but its financials are still “very much a black box,” said an analyst at data insights company Nansen. Andrew Thurman told CoinDesk TV’s “First Mover” that although the exchange has published that it holds $55 billion in customer deposits on-chain, “aside from that, we don’t have much on-chain or any kind of financial access or transparency into their entities.” Binance has come under the media microscope after a large sum of funds, amounting to roughly $6 billion, moved out of the exchange last week during a 24-hour period. Jump Trading, a prominent trading firm in the ecosystem, was among the largest entities that moved funds out of Binance, according to Nansen’s analysis.
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