In a seismic shift within the crypto space, Binance outflows have increased significantly after Changpeng Zhao resigned as the company’s CEO and pleaded guilty to various securities law violations during a significant court hearing. Notably, the world’s leading cryptocurrency exchange experienced a surge in withdrawals surpassing $1 billion in 24 hours.

Meanwhile, the departure of Zhao and the subsequent $4.3 billion fine against Binance has sent shockwaves through the industry, prompting a significant move of funds away from the embattled exchange.

Binance’s Outflow Crosses $1 Billion

As news broke of Changpeng Zhao’s guilty plea and resignation, the cryptocurrency community responded swiftly. Meanwhile, the latest data from DefiLlama revealed a staggering 24-hour outflow from Binance, exceeding $1 billion, with a net outflow of $703.13 million over seven days.

The sizable withdrawals underscore the concerns and uncertainties surrounding the exchange following legal challenges and leadership changes. In other words, this abrupt exodus followed the guilty plea of Binance’s co-founder, Changpeng Zhao, who admitted to violating the Bank Secrecy Act, triggering a reshuffling of leadership.

However, while Binance grapples with the aftermath of its founder’s plea deal, other exchanges are witnessing notable inflows. The DefiLama data showed that OKX emerged as the top gainer with $152.02 million in net inflows within the past 24 hours, positioning itself as a beneficiary of Binance’s challenges. In addition, Bybit and Kucoin followed with substantial daily inflows of $51.34 million and $31.58 million, respectively, marking a potential shift in user trust and confidence within the cryptocurrency exchange landscape.

Also Read: Mt. Gox Creditors to Finally Receive Cash Repayments in 2023

How’s BNB Performing Amid The Legal Woes?

As of writing, the BNB price witnessed a slump of 9.30% and traded at $236.13 on November 22. In contrast, the trading volume of the crypto noted a surge of 59% over the last 24 hours to $2.57 billion at the same time.

Meanwhile, talking about the recent price fluctuations of the BNB crypto, it has witnessed a 24-hour high of $269.92 and a low of $224.98 over the past 24 hours.

However, despite a significant outflow noted in Binance, it remained the top crypto exchange in terms of asset holdings. As of writing, the crypto exchange had $67.68 billion in assets, maintaining its position as the top exchange among others.

Also Read: Whale Dumps 27 Mln XRP To CEX As Price Nosedives Below $0.6

The post Binance’s Outflow Surpasses $1 Bln Mark Amid Legal Turmoil appeared first on CoinGape.

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Filed under: News - @ November 22, 2023 9:18 am