Binance’s Bitcoin Holdings rose 10% at the change of 7.

Binance continues to defend as the largest crypto trading platform by trading volume globally. As the exchange turns seven, reports indicate that its Bitcoin (BTC) holdings are growing.

Centralized exchanges like Binance and Coinbase facilitate the buying, selling and trading of cryptocurrencies, acting as intermediaries between buyers and sellers.

Binance's Bitcoin Exchange Reserve rose by 10%

CryptoQuant founder and CEO Ki Yang Ju reported that Binance Exchange Bitcoin holdings have increased by 10% since the beginning of 2024. The opposite was the case for other exchanges, where BTC holdings fell by 8 percent.

Read More: Binance Review 2024: Is It The Right Crypto Exchange For You?

The report comes as Binance announced its seventh anniversary on Wednesday with a new limited referral promotion. Eligible users will share up to 700 BNB in ​​token vouchers.

“When the user (‘referral') successfully invites a new Binance user, the referrer will receive a 0.01 BNB token voucher and the new user will receive a 0.005 BNB token voucher.”

Despite these milestones, Binance has recently faced regulatory issues with authorities in various jurisdictions. For example, the US Securities and Exchange Commission (SEC), among others, has challenged the trading platform for artificially inflating trading volumes.

“In thirteen indictments, we allege that Binance CEO Changpeng Zhao and Binance entities engaged in an extensive web of fraud. Conflict of interest, failure to disclose, and evasion are just some of the other crimes,” wrote SEC Chairman Gary Gensler.

The financial regulator called out Binance for diverting customer funds and failing to restrict US customers from the platform. He reportedly misled investors about market surveillance. Meanwhile, others have cited violations including enabling trading of crypto tokens that are supposed to be securities.

Conversely, Coinbase, the largest US-based trading exchange, is among the exchanges whose Bitcoin holdings have declined. This is particularly noteworthy because Coinbase has a competitive edge as the custodian for most Bitcoin ETF (exchange-traded funds) issuers in the US. However, Spencer Hakimian, founder of Tolu Capital Management, said Coinbase's role among ETF issuers could be the problem.

“Many ETFs in the US may hurt Coinbase's target market. Less so for Binance,” wrote Hakimyan.

Read more: Coinbase Review 2024: Best Crypto Exchange for Beginners?

The advent of spot ETFs in the US has intensified. Coinbase's Case, with CEO Brian Armstrong voicing the exchange. Prominent XRP advocate attorney John E. Deaton echoed Armstrong. He admitted that “Coinbase will be the big winner” as the exchange stands at the center of the ETF campaign.

“Coinbase will be a big winner. I expect to see BlackRock and Vanguard buy more. By the way, 90% of Gary Gensler's $120 million fortune is with Vanguard,” Deaton said.