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Binance Processes Nearly $1B in Net Outflows as Changpeng ‘CZ’ Zhao Resigns
Data shows the exchange sits on over $67 billion worth of tokens, easing concerns of a possible bank run.
Updated Mar 8, 2024, 5:30 p.m. Published Nov 22, 2023, 8:03 a.m.
- Binance was hit with criminal charges in the U.S. on Wednesday, and founder CEO Changpeng 'CZ' Zhao agreed to step down as part of a $4.3 billion settlement with the government.
- The exchange successfully processed nearly $1 billion in withdrawals in the last 24 hours, quelling fears of an FTX-style bank run.
Crypto exchange Binance saw over $950 million in net outflows over the past 24 hours as it was hit with criminal charges in the U.S., and founder Changpeng ‘CZ’ Zhao agreed to step down as chief executive officer as part of a record settlement.
“There are constant hourly net outflows of bitcoin and stablecoins after the CZ's resignation announcement,” Hochan Chung, head of marketing at CryptoQuant, told CoinDesk. “However, compared to the total reserves of Binance, the current volume is not yet significant at all.”
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Binance is set to continue operating as usual and make a "complete exit" from the U.S market.
The withdrawals are fairly above average, but not usually large on a weekly basis, an analysis of net hourly flows from the on-chain data tool CryptoQuant shows.
Data from a Dune Analytics dashboard shows over $2.37 billion in various tokens left the exchange, but some $1.78 billion in tokens were deposited.
Address “0x43feD72B921aF413Aad831CEbd221697B18DA54F,” apparently connected to the institutional trading desk FalconX, withdrew the most at $83 million. Another address “0xeae7380dd4cef6fbd1144f49e4d1e6964258a4f4,” with apparent links to market maker Wintermute Trading, led deposits at $190 million.
Binance's BNB tokens were the most deposited and withdrawn tokens, the data shows.
As such, the processing of withdrawals and deposits helps buffer any concerns about the exchange’s solvency. The situation is far unlike last year’s run on embattled exchange FTX, which stopped customer withdrawals following a CoinDesk story that revealed Sam Bankman-Fried's company commingled customer assets with those of its trading arm, Alameda Research.
Meanwhile, DefiLlama data shows the exchange sits on over $67 billion worth of tokens and stablecoins.
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