Despite the market decline, the largest crypto exchange Binance saw $1.2 billion inflows in 24 hours.

The world’s largest crypto exchange #Binance saw $1.2 billion in net inflows in the past 24 hours. According to a statement by DeFiLlama, the large capital inflow reflects users’ trust in Binance and their positive outlook on the future of the cryptocurrency market despite recent volatility.

This large capital inflow is also a positive sign for Richard Teng, who took over as CEO after the multi-billion dollar fine imposed by the US for illegal activities and the departure of founder Changpeng Zhao.

Richard Teng commented on the matter:

“This marks one of the highest net inflows of 2024. Despite significant market declines in the past few hours, this potentially shows investors’ confidence and interest in buying at a lower cost when they think the timing is right.”

“Current market trends also confirm this observation, as we are witnessing a recovery in the prices of major tokens. According to our internal data, yesterday was also one of the highest trading volume days of 2024.”

In January, Binance pulled in $3.5 billion just two months after its owner was found guilty of money laundering and sanctions evasion. The exchange managed to pay the entire $4.3 billion DoJ fine without selling any crypto assets.

However, Teng still faces numerous challenges. He needs to establish a global headquarters, appoint a board of directors, and provide an independent monitor for three years. Binance is also still not fully licensed in major crypto hubs, and its US subsidiary is dealing with a lawsuit filed by the SEC.

The risks of operating in local markets without official approval were highlighted recently when India blocked access to Binance and other offshore platforms, removing their apps from the Apple and Google stores. Last year, countries from Australia to Belgium also cracked down on #Binance for operating without the necessary permits.