In a seismic shift for the cryptocurrency industry, Binance, one of the world’s largest cryptocurrency exchanges, has experienced over $950 million in net outflows within the past 24 hours. This significant movement of funds follows criminal charges levied against the exchange in the United States, resulting in the decision of founder Changpeng ‘CZ’ Zhao to step down as the chief executive officer as part of a landmark settlement.
| Metric | Amount |
|---|---|
| Net Outflows (Past 24 Hours) | $950 million |
| Criminal Charges Against Binance | Yes (U.S. Jurisdiction) |
| CEO Resignation | Changpeng ‘CZ’ Zhao |
| Withdrawals (Various Tokens) | $2.37 billion |
| Deposits (Various Tokens) | $1.78 billion |
| Highest Withdrawal Address | 0x414BexZMoP1gqvSbL… |
| Withdrawal Amount (Highest Address) | $83 million |
| Leading Deposit Address | 0xeae7380dd4cef6fbd1… |
| Deposit Amount (Leading Address) | $190 million |
| BNB Tokens – Most Deposited | Yes |
| BNB Tokens – Most Withdrawn | Yes |
| Total Tokens and Stablecoins Held | $67 billion |
| Binance’s Commitment | “Complete Exit” from U.S. Market |
Hochan Chung, Head of Marketing at CryptoQuant, revealed, “There are constant hourly net outflows of bitcoin and stablecoins after CZ’s resignation announcement. However, compared to the total reserves of Binance, the current volume is not yet significant at all.”
Despite the staggering outflows, Binance is poised to continue its operations unaffected, emphasizing a “complete exit” from the U.S. market. Analysis of net hourly flows, using the on-chain data tool CryptoQuant, indicates that while withdrawals are notably above average, they do not represent an extraordinary weekly occurrence.
According to data from a Dune Analytics dashboard, more than $2.37 billion in various tokens left the exchange during this period, while approximately $1.78 billion in tokens were deposited.
Notably, an address identified as “0x414BexZMoP1gqvSbLZSfYigjUvfcXkroScKA54F,” seemingly linked to the institutional trading desk FalconX, recorded the highest withdrawal at $83 million. Conversely, another address, “0xeae7380dd4cef6fbd1144f49e4d1e6964258a4f4,” associated with market maker Wintermute Trading, led deposits with $190 million.
Binance’s native BNB tokens were the most deposited and withdrawn tokens during this period, according to the data.
A key point of reassurance for Binance users and the broader crypto community is the ongoing processing of withdrawals and deposits, effectively mitigating concerns about the exchange’s solvency. This contrasts sharply with last year’s scenario involving FTX, where customer withdrawals were halted following revelations of commingling customer assets with the trading arm, Alameda Research.
Meanwhile, data from DefiLlama indicates that Binance currently holds over $67 billion worth of tokens and stablecoins, underscoring the exchange’s robust financial position despite the recent challenges.
As the crypto industry closely watches Binance’s response to the legal and regulatory developments, the exchange’s commitment to operational continuity and maintaining user confidence remains pivotal.