Binance is seeing continued withdrawals from its crypto users, with the total value exceeding $1 billion in the last 24 hours. BNB is also in a -10% price dump compared to yesterday.
Summary
Binance: user withdrawals from the crypto-exchange already exceed $1 billion
According to data from DefiLlama, it appears that in the last 24 hours, the most popular crypto-exchange Binance has recorded a $1.01 billion inflow. However, looking at the inflow for the last week, Binance still records a -$703.13 million, which is balanced by the deposits that have occurred.Â
Not only that, of the total outflows recorded by Binance, $605.9 million involved the Ethereum chain, BNB -9.55% and the Avalanche, Fantom and Polygon networks, according to separate data compiled by Nansen.
The $1 billion represents the total amount of withdrawals by crypto-exchange users withdrawing their funds due to the latest revelations regarding Changpeng CZ Zhao’s criminal guilt.
In fact, just yesterday, a real upheaval was unleashed around Binance. the U.S. Department of Justice (DoJ) had announced a press conference in which it would unveil a new deal involving the criminal investigation against Binance.
Rumors were already talking yesterday about a settlement that included the resignation of Binance CEO CZ.
This is precisely why crypto users of the market’s most popular and largest cryptocurrency trading platform have begun withdrawing their crypto, reaching a total sum of more than $1 billion today.
Binance: over $1 billion crypto withdrawals and Changpeng CZ Zhao’s statements
After yesterday’s rumors, Changpeng CZ Zhao took the field directly today to confirm his resignation as CEO of Binance.Â
CZ wrote that he had made mistakes and must take responsibility for them. But he apparently failed to mention that the decision to resign is probably not his choice, but a decision forced by the agreement with the DoJ.
From here, however, new findings about the case are popping up, revealing that CZ had to post a $175 million bail in order to be released by authorities, otherwise he would have been jailed.
Not only that, it also appears that the former Binance CEO may go to live in the United Arab Emirates while he awaits his court hearing, scheduled for 23 February 2024. The risk appears to be 18 months in prison.
In essence, CZ may be guilty of failing to comply with anti-money laundering regulations, so much so that the suspicion is that the crypto-exchange may have been used by terrorist organizations, such as Hamas, in their fundraising.
BNB is also affected and goes into price dump of -10% in 24 hours
Among the chain reactions, the Binance Coin (BNB) crypto-exchange token could not fail to be affected.
And indeed, at the time of writing, BNB is in dump by almost -10% in the last 24 hours, with the price standing at $236.11.
Overnight, BNB also fell as low as $225. Nothing like BNB’s price before the news on Binance, when its price was at $264.
