Massive Binance Withdrawals Raises in the Last 24 Hours

  1. Binance has seen net outflows of almost $831 million during the past 24 hours.
  2. Monday’s outflow is the largest in a day since November.
  3. The current net flow for Binance during the past twenty-four hours is $902 million.

According to data compiled by blockchain intelligence provider Nansen, the largest cryptocurrency exchange by trading volume, Binance, has seen net outflows of almost $831 million during the past 24 hours. In addition, the Binance USD (BUSD) stablecoin, produced by Paxos, appears to be losing value as investors sell their positions on the platform in the wake of a regulatory crackdown.

The data reveals that customers withdrew digital assets worth $2.8 billion from the exchange platform in the last twenty-four hours, which is an amount that is greater than the $2 billion in deposits that were made during that period.

Since November 2021, when FTX went bankrupt, and amid the FUD that surrounded the platform in December 2022, this is the tremendous outflow from Binance. The current net flow for Binance during the past twenty-four hours is $902 million.

Withdrawals have occurred after Paxos was ordered by the New York Department of Financial Services on Monday to stop issuing the $16 billion BUSD stablecoin and as a result of the threat of enforcement action by the U.S. Securities and Exchange Commission (SEC). BUSD, issued by the Binance brand, is the third most-traded stablecoin and makes up 35% of the exchange’s total volume.

On the other hand, in a recent tweet, the CEO of Binance, Champeng Zhao, took to his Twitter account, where he indicated that the exchange issue is merely FUD and will only be temporary.

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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.