Binance Experiences Withdrawals, but ‘No Mass Exodus’ of Funds Despite $4,000,000,000 Settlement: Nansen
New data from market intelligence firm Nansen reveals that Binance is experiencing relatively minimal effects from being charged $4 billion in fines by US regulators.
According to Nansen, the world’s largest crypto exchange saw an outflow of $17 million worth of Ethereum (ETH) in one hour and $956 million worth of Bitcoin (BTC) in one day.
However, Nansen says that the value of Binance’s total holdings increased slightly over the last 12 hours.
“At the time of writing, withdrawals are continuing, and we’re not seeing a mass exodus of funds. Over the past hour on Ethereum, Binance has a $17 million negative netflow (more leaving the exchange than what’s entering it).
Over the past 24 hours on Ethereum, Binance has a $956 million negative netflow.
Total holdings value has increased over the past 12 hours from $64.6 billion to $65.2 billion. This takes into account outflows and changes in prices over the past 12 hours.”
Some of Binance’s token holdings that have seen increases in the last 12 hours include Binance Coin (BNB), Solana (SOL), Chainlink (LINK), Shiba Inu (SHIB), and Polygon (MATIC).
According to Nansen, Binance has seen worse times in terms of outflows.
“In the past, Binance has processed higher volumes of outflow and negative netflow: June 2023 after the SEC (U.S. Securities and Exchange Commission) sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX.”
Earlier this week, Binance was hit with a $4.3 billion fine from the Department of Justice (DOJ) for allegedly violating US anti-money laundering laws. Changpeng Zhao, Binance’s chief executive, said he will plead guilty to the charges and step down as CEO.
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