Binance Exchange has sold off over 24 million of its corporate XRP holdings this year amid a massive selloff campaign involving multiple crypto assets.
Japanese crypto researcher and founder of MeStar, AB Kuai Dong, first called the public’s attention to this systematic sale from the world’s largest exchange, which has so far triggered mixed reactions from the broader crypto community.
AB Kuai Dong (@_FORAB on X) revealed that since January 2025, Binance has sold off 94.1% of its Bitcoin (BTC) holdings, nearly 100% of its Ethereum (ETH) balance, 99% of its Solana (SOL) holdings and nearly 100% of its USDT balance. The exchange’s BNB holdings only dropped 16.6%. Overall, Binance sold over $8 billion from its corporate crypto bag.
今天同行圈，讨论度最高的，应该就是币安，在大量减持平台自家持有的 BTC、ETH 资产。需要注意的是：这些资产主要是平台过去自己的营收，而非用户资金。
目前看，多数币种已经转配置成稳定币 USDC，其中 BNB 减持的比例最低，仅 -16.6%，如果按 1 月份的行情来看，多数币是历史高点。 pic.twitter.com/1N4E5gBf3f
— AB Kuai.Dong (@_FORAB) February 11, 2025
The analyst confirmed that these sales only involved the exchange’s corporate holdings and did not affect user balances on the platform. In fact, generally, user reserves on Binance increased by about $4 billion from January to February 2025.
Binance Sells 24M XRP
The Crypto Basic had a look into the exchange’s Proof of Reserve (PoR) and confirmed that these findings were accurate. Notably, we uncovered that these sales affected nearly all of Binance’s corporate holdings, including XRP, but with different variations of selloffs.
Particularly, as of Jan. 1, 2025, Binance held a total of 2.909 billion XRP, with 2.794 billion tokens belonging to its customers. This indicated that the exchange had about 115 million XRP as excess balance, representing its corporate holdings. The total balance amounted to a reserve ratio of 104.09% to keep user funds safe.
However, the latest PoR report From Feb. 1, 2025, shows that Binance now holds 2.838 billion XRP, and 2.747 billion tokens belong to customers. This translates to an excess balance of around 90.4 million XRP, a reduction of 24.6 million tokens from the 115 million XRP corporate holding in January.
Regardless, Binance’s XRP customer reserve remains intact, with the exchange still maintaining an excess reserve ratio of 103.29%. Binance has continued to assure its customers that user balances remain secure, especially following the FTX implosion, which occurred due to a commingling of customer funds.
Binance Sells Other Assets
Meanwhile, the 24.6 million XRP sale, amounting to $56.58 million, was one of the lowest across the board. Besides XRP, Binance sold 44,149 BTC ($4.2 billion), 216,138 ETH ($583.5 million), 438,056 SOL ($85.4 million), and $2.7 billion in USDT. However, its USDC holdings increased as it converted some of these assets to USDC.
Notably, these tokens represent Binance’s corporate crypto holdings realized from fees and operational revenues. Reactions have trailed its recent distribution campaign, but the exact purpose remains unclear. Its customer support on X noted that the distribution was an adjustment of its treasury accounting process and not an actual sale.
Binance is not selling assets. This was simply an adjustment in the Binance treasury’s accounting process. User funds are SAFU, as always.
— Binance Customer Support (@BinanceHelpDesk) February 11, 2025
The exchange again assured customers that user funds are “SAFU.” Notably, The Crypto Basic reached out to Binance to properly ascertain the purpose behind the recent moves but has not received a reply as of press time. We will revise this article with any new updates.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
