Cryptocurrency exchange Binance’s bitcoin (BTC) reserves dropped by $355 million last month while customer balances grew by more than $4 billion, bringing the two figures more in line with each other, according to recently published exchange reserves data.

At the turn of the year Binance, the largest crypto exchange by trading volume, held 622,192 BTC across third-party custody and exchanges balances. On Feb 1, that figure had shrunk to 618,563 BTC. Customer net balances, in contrast, grew from 575,296 BTC to 615,816 BTC, meaning the rate of collateralization fell to 100% from 108% .

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