Withdrawals from Binance Subside After DOJ Settlement
After reaching a $4.3 billion settlement with the US Department of Justice, it seems that withdrawals from crypto exchange Binance have significantly decreased. According to data from blockchain analytics firm Nansen, Binance experienced a net inflow of $87.4 million in Ethereum token deposits over the past week. On the other hand, the net withdrawal of multichain tokens, including ETH, BNB, AVAX, and MATIC, amounted to $59.2 million during the same period. In the immediate aftermath of the settlement, users withdrew more than $1 billion from the exchange.
Binance Users Withdraw Over $7.62 Billion
Since then, Binance users have withdrawn a total of $7.62 billion from the exchange but have also deposited $7.56 billion in digital assets. The value of BNB has remained steady at $227 over the past month.
Changpeng Zhao Steps Down as CEO
Following the settlement, Changpeng Zhao resigned as CEO of Binance and later stepped down as chairman of the board of directors of Binance.US on Nov. 29. As part of the settlement, Zhao pleaded guilty to money laundering and may face 18 months to 10 years in prison depending on sentencing guidelines. Sentencing is scheduled for February 2024.
New CEO Named
Richard Teng, former global head of regional markets at Binance, has been appointed as CEO after Zhao’s departure. In his first blog post as CEO, Teng expressed his dedication to blockchain technology and its potential for financial inclusion and reduced transaction costs. He also emphasized the importance of empowering individuals to have control over their personal data.
Hot Take: Binance Sees Decreased Withdrawals Following DOJ Settlement
After reaching a $4.3 billion settlement with the US Department of Justice, Binance has observed a decline in withdrawal activity. While users initially withdrew over $1 billion from the exchange, recent data shows that withdrawals have subsided. Despite the settlement and management changes, Binance users continue to deposit and withdraw significant amounts of digital assets. The future of the exchange remains uncertain as it navigates legal challenges and aims to regain user trust.
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