Binance rebounded after the settlement, with $4.6 billion in inflows, sending a signal of global expansion recovery.
Binance, the world’s most important digital asset exchange, has been making headlines for its remarkable recovery following its recent settlement with U.S. regulators.
The settlement marks a pivotal moment for the platform, propelling it into a phase of resiliency and growth, following allegations of money laundering and sanctions evasion.
Since the resolution on November 21, Binance has seen a surge in net inflows to an impressive $4.6 billion. The data was shared on X by the well-known cryptocurrency community Satoshi Club to shed light on the platform’s situation.
Binance rebounds significantly in January
January 2024 was a particularly prosperous month for Binance, with net inflows of $3.5 billion. This figure exceeded the inflows of any full month since November 2022, and meant that the exchange had rebounded sharply amid the numerous challenges it faced at the end of last year.
The challenges of the past year have been immense, including a U.S. court imposing a massive fine on Binance and its CEO Changpeng Zhao (CZ) for charges related to alleged money laundering initiated by the U.S. Commodity Futures Trading Commission (CFTC).
The platform saw massive outflows of over $1 billion in a single day after former CEO Changpeng Zhao stepped down and the exchange agreed to a massive $4 billion fine to U.S. regulators.
Subsequently, weekly inflows barely topped $800 million, culminating in net outflows of $1.63 billion in November, according to Dellama.
However, things started to look up in December, with the exchange seeing consistent weekly inflows of over $1 billion, totaling over $3 billion per month. This upward trend has continued into this month, with inflows approaching $4 billion, marking a strong recovery for the leading cryptocurrency exchange.
Despite facing obstacles last year, Binance has not stopped expanding its global reach. The exchange recently expanded its footprint in Thailand with the launch of Gulf Binance, a joint venture with Gulf Innova. This strategic move aims to cater to the Thai market by providing a platform for trading digital assets in local currency pairs. #币安 #BinanceVIP
