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Binance holds more than $3 billion in customers’ cryptocurrencies, trailed by Huobi and Bitfinex

Bitcoin has launched 10 years ago with the premise of disintermediating the financial system. Yet centralized exchanges are still holding large amounts of cryptocurrencies on users’ behalf. According to The Block’s research, cryptocurrency exchanges are currently holding at least $12.4 billion in bitcoin, ether, and tether (USDT).

There are currently approximately 888,400 bitcoins (~5% of circulation), 10.6 million ether (10% of circulation) and 1.6 billion tether (39% of circulation) held in publicly known wallets of cryptocurrency exchanges. 

It’s important to note that exchanges could control even more wallets, which are not publicly known or not tagged by BitInfoCharts, Etherscan or Tether.

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