Binance Users Heading for the Exits? Over $1 Billion in Withdrawals—So Far

While a substantial sum, it appears the world’s leading crypto exchange has staved off a bank run for now.

In the wake of the stunning revelation yesterday that leading crypto exchange Binance and the company’s CEO, Changpeng Zhao, both pled guilty to criminal charges in the United States, the platform has seen an exodus of almost $3 billion worth of user funds.

In the 24 hours since reports broke that Zhao agreed to step down as Binance’s CEO and plead guilty to violating U.S. anti-money laundering laws, $2.83 billion worth of Binance customer funds have flowed out of the exchange, according to on-chain data compiled on Dune Analytics.

In the same period, $1.81 billion worth of funds have flowed back into Binance, resulting in a one-day net loss of just over $1.01 billion in customer funds for the world’s largest crypto exchange.

While that sort of loss is not insubstantial, it represents only a 1.8% dent in the exchange’s $56.4 billion total balance. Further, it is not unprecedented: At two separate points this year, including one day earlier this month, net outflow from Binance’s coffers exceeded $1 billion in a 24 hour period, according to the Dune dashboard.

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