New Data Reveals Binance’s Status Amidst $4B Fine
New data from market intelligence firm Nansen indicates that Binance is weathering the storm relatively well despite being charged $4 billion in fines by US regulators. According to Nansen, Binance saw significant outflows of $17 million worth of Ethereum in one hour and $956 million worth of Bitcoin in one day. However, the company’s total holdings increased slightly over the last 12 hours, and withdrawal activity is ongoing without a mass exodus of funds.
Token Holdings and Historical Performance
Despite the ongoing challenges, some of Binance’s token holdings such as Binance Coin (BNB), Solana (SOL), Chainlink (LINK), Shiba Inu (SHIB), and Polygon (MATIC) have seen increases in the past 12 hours. Nansen also observed that Binance has experienced higher volumes of outflow and negative netflow in the past, including specific historical instances following events such as insolvency rumors and legal action from US regulators.
Impact of $4.3B Fine
Earlier this week, the Department of Justice (DOJ) imposed a $4.3 billion fine on Binance for allegedly violating US anti-money laundering laws. Despite this significant penalty, Binance CEO Changpeng Zhao announced his intention to plead guilty and step down from his position.
Hot Take: Binance’s Resilience in Light of Legal Troubles
Despite the recent $4 billion dollar settlement imposed on Binance by US regulators, the exchange is maintaining its footing, showing resilience in the face of a challenging legal environment, and continuing its operations without a major loss of assets.
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