Following the latest allegations, Binance, the leading cryptocurrency exchange, witnessed a huge number of Bitcoin and Ethereum outflows.
According to data provided by Coinglass, a total of 51398 Bitcoin (BTC) tokens left Binance over the past month. Data shows that the majority of the outflows, around 48,000 coins, happened on Aug. 27 as many Palestinian users complained of frozen assets on the exchange.
BTC balance on Binance – Aug. 29 | Source: Coinglass
In addition, Binance, the largest crypto exchange by trading volume, saw over 275,200 Ethereum (ETH) tokens leave the exchange in the past 30 days. The platform witnessed an outflow of 86,486 ETH over the past 24 hours alone.
The total amount of BTC and ETH that left Binance over the past month is worth roughly $3.7 billion at the reporting time.
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Despite the outflows, data shows that Binance is still the second-largest Bitcoin and Ethereum holder with a total balance of 566,113 BTC and 3.44 million ETH. Coinbase is currently leading the chart with 824,887 BTC and 4.44 million ETH, according to Coinglass data.
Most of these outflows came after Ray Youssef, the co-founder and former CEO of the peer-to-peer crypto exchange Paxful, claimed that Binance seized the assets of its Palestinian users.
Binance told crypto.news that only a limited number of users have been affected due to the exchange’s anti-money laundering and terror financing policies.
Many pro-Palestine users on X have been sharing a new hashtag, #BoycottBinance. Some have even started deleting their Binance accounts and criticizing the exchange’s move to freeze the funds of Palestinian users.
#BoycottBinance pic.twitter.com/Dy8yHL9rO8
— Ahmad (@AhmZaks) August 29, 2024
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