Binance responded to market concerns related to on-chain data anomalies pointed out by third-party trackers Coinglass and DefiLlama.

The exchange mentioned that there had been similar data discrepancies with DefiLlama in the past and expected the data to be restored within 24 to 48 hours. It also advised users to verify their holdings directly and suggested conducting regular withdrawal tests across multiple platforms.

This stance came after reports of abnormal capital outflows. Binance guided users to its own Proof of Reserves page so they could verify their assets directly.

It was also stated that for checking the overall balance, one should refer to CoinMarketCap, and for tracking fund flows between platforms, OKLink should be referenced.

What Happened

Coinglass raised concerns based on public data, leading to strong backlash. The company defended that its analysis is neutral.

Binance described the data as unverified information from third parties. Additionally, while Coinglass showed a leak of $21.75 billion, DefiLlama reminded of the $900 million inflow recorded during the 2025 incident.

DefiLlama data often shows the opposite of such claims, indicating that there was a net inflow to Binance.

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Why It Matters

This clash reveals the discrepancies in third-party tracking data. Market participants point out that since the chain collapse in 2022, FUD regarding Binance's reserves has been repeatedly raised.

According to the data, exchanges are under strong verification pressure in terms of transparency. Binance's proposed annual 'Withdrawal Day' aims to test the authenticity of assets through actual withdrawals.

However, skeptics question whether the exchange's own reporting methods are sufficient. Across the industry, there is a trend of increased user withdrawals when volatility spikes.

Background

Binance is the world's largest exchange by trading volume and claims to hold over $100 billion in assets.

Coinglass specializes in derivative data, while DefiLlama tracks DeFi fund flows.

Similar disputes occurred in past cases like the alleged leak in October 2025, and at that time, Binance also defended itself. Regulatory authorities around the world are closely monitoring the solvency risks of such platforms.

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