Binance is solvent, liquid and stable and this is evident in the exchange’s more than $55 billion in verifiable cold wallet addresses, Bernstein said in a research report Monday.

The crypto exchange can also “pass the test of withdrawals” as it did when some $6 billion of customer funds were withdrawn on Dec. 13, the report said.

“Binance’s undisputed market leadership has not been an accident – it has a long history of doing right by the customer,” the report added, noting that the exchange has made customers whole through hacks and regulatory challenges. The exchange is now around 75% of the global crypto trading market.

(By Will Canny)