#Binance Attracts Record $4.6 Billion in Client Funds in Two Months
Cryptocurrency investors are gradually restoring their trust in the largest exchange, Binance, which committed to paying a multibillion-dollar fine to US authorities two months ago. According to DefiLlama, Binance has seen a net inflow of $4.6 billion since reaching an agreement with US authorities in November. This figure surpasses the asset inflow for the same period on major competitors OKX and Bybit.
In January alone, the crypto exchange attracted $3.5 billion, exceeding any full month since November 2022.
Binance's share in spot cryptocurrency trading stabilized in December after nine consecutive months of decline, and the Binance Coin token has grown by 30% since November 21. Binance directly benefited from the market recovery and the nearly 160% increase in Bitcoin's price.
The new head of the cryptocurrency exchange, Richard Teng, is working to fulfill all requirements of US financial regulators. He is obligated to establish a global headquarters, appoint a board of directors, and appoint an independent observer for a three-year term. Binance also lacks full licenses in major cryptocurrency hubs such as Singapore, Dubai, and Hong Kong. The company is still challenging a lawsuit from the US Securities and Exchange Commission (SEC).
Despite stepping down as CEO and facing scrutiny from US authorities, Changpeng Zhao increased his wealth by $25 billion in 2023, reaching $37.2 billion according to Bloomberg Billionaires Index.
