Binance has addressed on-chain data discrepancies reported by some third-party trackers, including Coinglass and previously DefiLlama, as the world’s largest exchange dismisses the latest attempt to shake confidence in its operations.
The latest post mentions concerns regarding Binance’s asset reserves. Anomalies in on-chain data flagged by third-party trackers Coinglass and DefiLlama.
Something that would have been ignored as an algorithmic lag had the potential to quickly escalate, so something needed to be done. Concerns about platform liquidity, especially as crypto markets have experienced dramatic declines, have led to a kind of paranoid search to find answers.
How Binance Addressed Liquidity Concerns
in post Binance shared through its official X account, thanking users for their concerns about Binance. It later clarified that the data Coinglass cited was cherry-picked from third-party sources, and that DeFirama had also addressed discrepancies in the past.
“It will take an additional 24-48 hours for data to be restored,” the post reads, and urges anyone who needs to verify their assets to do so using Binance’s official Proof of Reserve tool. They urged users to use sites like CoinMarketCap to check their total asset balances or Oklink to check inflows and outflows of various platforms.
The post went on to express Binance’s belief in how “regularly conducting withdrawal tests on all trading platforms is a positive and healthy practice.” Of course, we ask anyone who performs such tests to always double-check their addresses carefully.
The post ended by proposing the creation of an annual “withdrawal day” where users of all platforms, not just Binance, can check the authenticity of their assets. Under the plan, the cryptocurrency industry will jointly designate one day each year for users and the community to coordinate mass withdrawals for verification testing.
This can help uniformly confirm the authenticity and backing of assets across different exchanges, increasing overall transparency, trust, and accountability in this space.
Binance addresses bankruptcy rumors
Binance’s official statement regarding the withdrawal test came after co-founder He Yi responded to the “withdrawal movement” launched by the overseas community.
Cryptopolitan reported Last week, Binance CEO Yi He shared a post on X to address ongoing rumors about the platform’s bankruptcy, claiming that the chatter had actually increased the number of exchange addresses.
“Some of our friends in the community have started a vigorous withdrawal campaign. We still don’t know why deposits have increased since the campaign started, but we believe it is also good to stress test all platforms regularly,” she claimed.
This is not the first time Binance has dealt with FUD. In a recent episode of the All-In Podcast hosted by Chamath Palihapitiya CZ told how the relationship with SBF broke down when the convicted FTX executives began poaching employees, attempting to poach big clients from Binance, and using their significant political influence in Washington, D.C., to lobby for regulations that would essentially “cut” Binance from the American market.
CZ clarified that the November 2022 tweet announcing that Binance would sell its remaining FTT tokens was not a planned attack to destroy its competitors. He was appalled by FTX’s complete lack of liquidity and said he was unaware that SBF was supposed to have liquidity. Misuse of customer funds on a scale that was later revealed in court.
Sam Bankman Freed remains in federal prison, currently serving the first half of a 25-year sentence. The latest report from FTX’s bankruptcy proceedings shows that most creditors have now been repaid in full, thanks to soaring real estate holding prices in 2025 and 2026.
Although the veracity of the relevant FUD statements still requires further verification, on-chain evidence indicates that there is no actual bank run and that Binance is not showing any signs of bankruptcy.
