Crypto News

Binance, Poloniex, and Huobi Crypto Exchanges Hold More Tether (USDT) Than Bitfinex

The Binance, Poloniex and Huobi exchanges currently own more Tether (USDT) than Bitfinex, although this exchange platform shares the same CEO as Tether Limited, the stable currency issuer.

Binance, Poloniex, and Huobi possess more Tether (USDT) than Bitfinex, the issuer of this stable coin

Bitfinex, thus, positions itself as the sixth USDT holder, according to data released by CNBC’s Ran Neuner on his Twitter account, noting that Binance is the platform with the highest amount of Tether (USDT), after the stable coin’s treasury. He adds that this situation could mean that Bitfinex has lost many customers or that its clients are exchangingTether for other cryptocurrencies.

Neuner’s statistics are based on an analysis published on October 19th by the firm Element Group which evaluated the situation of the most popular stable coin in the market.

The analysts of the before-mentioned firm highlight the lack of information of the Bitfinex exchange regarding its situation and that of Tether and draw attention to the latest movements made by Bitfinex, which has transferred a large part of Tether (USDT) tokens to the Tether treasury.

Bitfinex crypto exchange is experiencing a bleak period, according to some analysts

“Since October 3rd, Bitfinex has sent a total of 690 million Tether tokens from Bitfinex’s Tether wallet to the Tether Treasury. That has reduced the current supply from about $2.8 billion to $2.1 billion in a short time. Therefore, Bitfinex has spent considerable resources to defend the Tether bond and, in the absence of this buying pressure, it is likely that Tether (USDT) has crashed even further and provokes, even further, the sale in the wider cryptocurrency market,” Element Group reported.

The firm speculates that this situation could be related to the problems that Tether (USDT) and Bitfinex appear to be experiencing in securing a stable banking relationship. That is based on information published at the beginning of October that Noble Bank was looking for buyers and had lost several of its clients, including Tether and Bitfinex.

Fears suggest that the USDT stable coin does not have sufficient support or that Bitfinex is in a state of insolvency.

Exit mobile version