It has been just revealed that Binance could see a massive exodus following the latest disasters that have been surrounding the exchange. But is this true? Check out the latest reports about the matter below.
Binance’s current situation is addressed
Market intelligence firm Nansen has released new data indicating that Binance, the world’s largest cryptocurrency exchange, is relatively unaffected by the $4 billion fines imposed on it by US regulators.
Nansen’s report shows that Binance experienced a $17 million Ethereum (ETH) outflow in an hour and a $956 million Bitcoin (BTC) outflow in a day.
However, Nansen notes that Binance’s total holdings value has slightly increased over the past 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.”
Over the last 12 hours, some of the tokens held by Binance have seen an increase in value. These tokens include Binance Coin (BNB), Solana (SOL), Chainlink (LINK), Shiba Inu (SHIB), and Polygon (MATIC).
According to Nansen, a data analytics firm, Binance has experienced worse times in terms of outflows.
In the past, Binance has processed higher volumes of outflow and negative netflow during June 2023 after the SEC sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX.
Recently, the Department of Justice (DOJ) imposed a fine of $4.3 billion on Binance for allegedly violating US anti-money laundering laws.
Changpeng Zhao, Binance’s CEO, announced that he would plead guilty to the charges and step down as the CEO.
Stay tuned for more news coming from the crypto space.
