500M XRP Withdrawn From Binance, Reserves Hit Early-2024 Low

On-chain records show 500 million XRP were moved from wallets attributed to Binance, reducing the exchange’s XRP reserves to their lowest recorded level since early 2024. The transfers were recorded on the XRP Ledger and flagged by blockchain tracking services that label wallets linked to major exchanges.

The movement appears as a single large withdrawal from addresses historically associated with Binance custody. Tracking services marked the destination addresses as unlabeled, which means the tokens may have been moved into cold storage, to other custodians, or to private wallets.

Exchange-held balances are monitored by market participants because they indicate how much supply is available for trading on centralized platforms. A reduction in reserves can reflect customer withdrawals, internal rebalancing between hot and cold wallets, transfers to other service providers, or distribution for liquidity purposes.

Movements on the public ledger do not change the total supply of XRP but can affect where tokens are held and how quickly they can enter markets. On-chain analytics platforms track these movements in real time and publish snapshots of exchange reserve levels over days and months to show custody trends for a given token.

Binance has not provided a public explanation for the transfer as of publication and did not respond to a request for comment. Blockchain records remain the primary public source for transaction details, while custody labels and their interpretation come from independent analytics services.