The post Binance defies odds with no major fund exodus amid legal turmoil appeared on BitcoinEthereumNews.com.

In the wake of a significant legal settlement with the United States Department of Justice (DOJ), the leading cryptocurrency exchange, Binance, has demonstrated remarkable financial resilience. According to data from blockchain analytics firm Nansen, the platform has not experienced a “mass exodus of funds” despite the recent turmoil, which includes a $4.3-billion settlement and a change in leadership. Analyzing the aftermath: Nansen’s findings Nansen’s report reveals that approximately 24 hours following the DOJ’s announcement of the settlement, Binance recorded a net outflow of $956 million in Ethereum holdings. However, this did not significantly dent the exchange’s overall financial standing, as its total holdings rose to over $65 billion. This suggests that while there were withdrawals, they did not constitute a widespread departure of funds from the platform. Here’s our latest update on @binance, 12 hours after our previous one At the time of writing, withdrawals are continuing, and we’re not seeing a mass exodus of funds Over the past hour on Ethereum, Binance has a $17M negative netfow (more leaving the exchange than what’s… pic.twitter.com/yQPtMl5ue8 — Nansen 🧭 (@nansen_ai) November 22, 2023 Historically, Binance has processed higher volumes of outflow and negative net flow, such as in June 2023 after the U.S. Securities and Exchange Commission (SEC) sued the exchange, and in December 2022 amid insolvency rumors. Additionally, the immediate aftermath of the FTX incident also saw significant outflows. Concerning the recent scenario, while Tether (USDT) holdings on Binance decreased by roughly $246 million, holdings in XRP and TrueUSD (TUSD) remained steady, indicating a nuanced response from Binance’s user base to the DOJ settlement. Binance’s operational continuity amid regulatory scrutiny The recent settlement and leadership change at Binance marks a pivotal moment in the exchange’s history. On November 21, Binance reached a plea agreement with U.S. officials from the DOJ,…

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Filed under: News - @ November 23, 2023 12:12 am