With Bitcoin currently hovering around the $16,000 mark, Binance's stack of BTC is worth over $9 billion.

After crypto lending firm Genesis suspended client redemptions and indicated it would seek a $1 billion emergency cash loan, major potential backer Binance said no to the investment, the Wall Street Journal first reported.

The Monetary Authority of Singapore has released a statement explaining why it had warned Binance, but not FTX, about its operations in the country.

Genesis, the crypto brokerage platform that froze withdrawals last week, may resort to bankruptcy if it fails to raise money from potential investors, according to people familiar with the matter.

As per recent reports, crypto giant <a href="https://coingape.com/glossary/binance/">Binance</a> has now become the largest Bitcoin reserve holder for the first time ever. An “<a rel="nofollow" href="https://studio.glassnode.com/dashboards/btc-exchanges">exchange reserve</a>” is an indicator that indicates the total quantity of Bitcoin that is currently stored in the wallets of a centralized exchange.

The MAS revealed Binance was placed on the IAL because it actively seeks Singaporean users and has features that could be misinterpreted to mean it is licensed by the regulator.

CryptoPotato recently reported that upwards of $8 billion worth of crypto was withdrawn from centralized exchanges following the FTX collapse. Now, data shows that Binance has the largest reserve of BTC for the first time.

According to Dune, current valid SBT counts reached 500,624.

The CEO of Binance, CZ, agreed with Vitalik Buterin that Centralized Exchanges (CEXes) needed to produce public evidence showing user safety. Of course, CZ had initially pushed the Proof-of-Reserves idea in response to the <a href="https://ambcrypto.com/ftt-collapse-post-mortem-how-ftx-was-led-by-kids-with-no-experience/" target="_blank">calamity</a> that befell FTX users, with several exchanges adopting the model.

This fund is a euphemism for simply creating a privately-owned, centralized global bank that will provide liquidity to those in need. But no private company ever will give you money altruistically, it always has a price.