Binance Faces $1.7 Billion Crypto Exodus After DOJ Settlement
Following the settlement with the U.S. Department of Justice, Binance has seen a significant decrease in its crypto holdings, with Nansen highlighting these movements on Wednesday.
Within 12 hours, the exchange reported a decrease of $17 million in ethereum, and within 24 hours, a staggering $956 million worth of prominent cryptocurrencies exited Binance.
By 10:11 a.m. Eastern Time on Wednesday, the total withdrawals from Binance had reached $1.7 billion, according to Nansen.
At noon the same day, the exchange’s reserves stood at $64.98 billion, with 28.94% in tether, 28.7% in bitcoin, and 10.13% in ethereum. Trueusd (TUSD) makes up 4.6%, and BNB represents 4.31%. The remaining 23.32% of Binance’s reserves is spread across numerous other unnamed cryptocurrencies.
Binance operates the largest BTC wallet by size, currently holding 248,597 BTC. This wallet has not recorded any outgoing transactions since January 7, 2023.
Hot Take: Implications of the Binance Crypto Exodus Post-DOJ Settlement
While Binance continues to hold a significant amount of digital assets, the substantial withdrawal of $1.7 billion following the settlement with the U.S. Department of Justice raised questions about the impact of such legal actions on the exchange. It also highlights the volatility and sensitivity of digital asset holdings and the need for transparency in the industry. The movements observed in Binance’s crypto reserves also bring to attention the influence of regulatory measures on one of the world’s largest crypto exchanges.
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