Binance Accounts for 68.7% of Reserves in Eight-Exchange Comparison

Binance accounted for 68.7% of disclosed reserves in an eight-exchange comparison, with its $165.12 billion valuation based on a Sept. 1 reserve snapshot priced at Oct. 1 levels. The figure represents the largest share of the comparison’s $240.21 billion total, but the exchanges’ balance snapshots were taken on different dates.

OKX ranked second at $35.63 billion, or 14.8%. The comparison covered Binance, OKX, HTX, KuCoin, MEXC, Gate, Bybit and Bitget. It valued the exchanges’ disclosed coin holdings using Oct. 1 prices.

The underlying snapshots ranged from Aug. 31 for KuCoin to Sept. 29 for Bitget. Binance and HTX were dated Sept. 1; OKX, Sept. 8; MEXC, Sept. 10; Gate, Sept. 13; and Bybit, Sept. 23. The combined total therefore does not represent balances measured across all eight exchanges at one shared moment.

Binance’s Oct. 1 reserve snapshot is newer than the Sept. 1 balance date used in the comparison. The exchange takes its monthly user-balance snapshot at 00:00 UTC on the first of the month, which was 8 p.m. ET Sept. 30 for October, and releases results by the seventh. The reports are point-in-time records that may not match current balances. A separate analysis of Binance’s October reserve ratios covered the newer snapshot.

Proof of reserves provides a dated view of assets held in custody alongside customer balances included in the proof. It is not a live account of an exchange’s assets or user balances.

The comparison valued Binance’s Bitcoin (BTC) holdings at $57.56 billion, stablecoins at $44.74 billion and BNB, the exchange’s native token, at $33.45 billion. BNB represented 20.26% of Binance’s estimated reserves, so its dollar value changes with the token’s price.

The 68.7% share measures Binance’s portion of disclosed reserve value in this eight-exchange sample. It does not measure the exchange’s share of all crypto custody or trading liquidity, and the figures alone do not show market instability.