Binance Outflow U.S. Scrutiny Sparks Bitcoin Exodus

  • Binance saw 44,000 Bitcoin withdrawn in a single day following heightened regulatory scrutiny by the U.S. government.

  • Simon Dixon argues that the U.S. government’s influence over Binance’s compliance protocols extends to broader geopolitical actions.

  • Dixon warns that freezing Palestinian accounts could exacerbate humanitarian concerns, advocating for the self-custody of Bitcoin.

Investor Simon Dixon reported a significant Bitcoin withdrawal from Binance, with approximately 44,000 BTC (worth around $3 billion) leaving the platform in a single day. This news coincides with recent regulatory scrutiny faced by Binance, including a settlement with the U.S. Department of Justice (DOJ). Bitcoin prices also dipped, reflecting a volatile market sentiment, falling 4.68% to $59,174.53 in the past 24 hours.

44,000 #Bitcoin ($3bn) have been withdrawn from #Binance today

🇵🇸 Free Palestine. https://t.co/f3ruDV2QiO pic.twitter.com/EmvNPRcGUc

— Simon Dixon (@SimonDixonTwitt) August 28, 2024

Binance’s compliance operations are now overseen by a U.S.-appointed team, essentially functioning under federal regulations similar to a bank. This follows a DOJ settlement that has inte…

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