Binance Highlights Data Issues, Proposes Annual ‘Withdrawal Day’ for Asset Verification
According to Binance, Coinglass outflow discrepancies stem from third-party data bugs, with resolution expected within 48 hours; the firm reiterates its 'Withdrawal Day' transparency initiative.
Summary
On Feb. 12, Binance released an official statement addressing anomalies in Coinglass outflow data, attributing them to third-party source errors also seen on DeFiLlama. The exchange stated that the issues should be resolved within 24–48 hours. Binance recommended that users conduct annual withdrawal tests to verify asset reserves, introducing the concept of an official 'Withdrawal Day' to enhance transparency and trust in its holdings.
Terms & Concepts
- Withdrawal Test: A process where users withdraw assets from an exchange to verify its reserve holdings and operational integrity.
- Coinglass: A cryptocurrency analytics service providing trading data, liquidation information, and market metrics.