Crypto analytics firm Nansen says that more than $850 million worth of several crypto assets flowed out of Binance after a US federal agency accused the exchange of regulatory violations.
According to Nansen, the world’s largest exchange by trading volume saw customers moving large volumes of virtual assets off the platform including Ethereum (ETH), Polygon (MATIC), Binance Coin (BNB), Avalanche (AVAX) and Fantom (FTM) within 24 hours of the alleged violations.
“About $852 million* net outflow from Binance in 24 hours.
Also keep in mind that on December 13th last year, Binance processed $3 billion net outflow in one day.
*Including ETH & Ethereum, Polygon, BNB Chain, Avalanche, Fantom tokens.”
According to Nansen, Binance currently holds more than $62 billion in assets.
“Binance holds $63.2+ billion in their publicly disclosed wallets, including: $19 billion in USDT, $14.5 billion in BTC $7.5 billion in ETH, $7.1 billion in BUSD, $3.2 billion in BNB. And others.”
The outflow occurred within 24 hours of Monday’s news that the US regulator the Commodities Future Trading Commission (CFTC) has charged crypto exchange Binance and its CEO Changpeng Zhao with a long list of violations.
In a press release from the CFTC, Chairman Rostin Behnam said Binance knowingly broke CFTC rules and has been actively avoiding compliance, and in a recent interview with CNBC Behnam said he is confident in its case against Binance.
Zhao responded to the complaint in a company blog post, saying he does “not agree with the characterization of many of the issues alleged in the complaint.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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