Blockchain analytics firm Nansen reported that following a settlement for civil and criminal charges against Binance and CEO Changpeng “CZ” Zhao, outflows from the crypto exchange didn’t result in a “mass exodus of funds.”
In a Nov. 22 X (formerly Twitter) post, Nansen said that roughly 24 hours after the United States Department of Justice announced a $4.3 billion settlement with Binance, the exchange had experienced a $956 million net outflow on Ethereum. However, Binance’s total holdings increased to more than $65 billion.
“Withdrawals are continuing, and we’re not seeing a mass exodus of funds,” said Nansen. “In the past, Binance has processed higher volumes of outflow and negative netflow: Jun 2023 after the SEC sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX.”
Here’s our latest update on @binance, 12 hours after our previous one
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 $17M negative netfow (more leaving the exchange than what’s… pic.twitter.com/yQPtMl5ue8
— Nansen (@nansen_ai) November 22, 2023
Nansen reported that holdings of Tether (USDT) on Binance had decreased the most over the last 24 hours by roughly $246 million. However, holdings of XRP (XRP) and TrueUSD (TUSD) “remain steady,” according to the firm.
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Author: Turner Wright
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