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Cryptocurrency market was shaken this morning (22) as Binance admitted to violating U.S. anti-money laundering regulations and agreed to pay a $4.3 billion settlement. The CEO, Zhao Changpeng (CZ), announced his resignation and could even face imprisonment. Binance's assets decreased by over $1 billion at one point.
After the news broke, the blockchain analytics platform Nansen monitored on-chain data and reported that Binance's Ethereum assets had decreased by about $45 million in the past hour as of 2:30 am today. This suggests that Binance users may be withdrawing funds from the exchange. Nansen later tweeted at 7:07 am that Binance's total assets had decreased by over $1 billion. They explained that this reduction was not only due to user withdrawals but also influenced by the overall decline in the cryptocurrency market prices.
However, users may not need to worry too much. According to the latest data from Nansen, Binance still holds around $64.878 billion in cryptocurrency assets, meaning the scale of this fund outflow is less than 2% of Binance's total assets. This is not the first time the platform has dealt with large-scale fund outflows.
Emphasizing no allegations of embezzlement and market manipulation, Binance co-founder He Yi posted on social media at 5:45 am, emphasizing user asset security. He stated that Binance has not been accused of misappropriating any user assets or participating in any market manipulation.
In the announcement released by Binance, the firm reiterated its strong commitment to maintaining the core value of user safety and assured that it would ensure user assets have a 1:1 storage guarantee.
After FTX's collapse, Binance experienced a maximum outflow of $12 billion. The most significant recent outflow event for Binance was related to the collapse of the FTX exchange. Investors withdrew funds from centralized exchanges due to concerns that other exchanges might misappropriate customer funds, resulting in a net outflow of about $3.7 billion worth of cryptocurrencies from Binance in a week in December last year. The daily outflow reached nearly $2 billion. According to Forbes' analysis cited by the crypto community in January this year, Binance experienced a massive outflow of up to $12 billion within two months after FTX's collapse, accounting for nearly a quarter of Binance's total assets at the time.
Before the collapse of FTX, Binance's total assets were approximately $69.5 billion. Despite facing numerous withdrawals, market price fluctuations, and the latest developments over the past year, Binance's total assets currently stand at $64.878 billion, gradually recovering to the level before the FTX incident, reflecting an overall market rebound this year. |
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Post time 27-11-2023 06:10:15