Binance, the world’s leading cryptocurrency exchange, sent shockwaves through the crypto economy when its CEO, Changpeng Zhao, pleaded guilty and subsequently resigned. The aftermath witnessed significant outflows from the platform within the next 24 hours, yet customers are currently encountering difficulties withdrawing their holdings.
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Edward Farina, CEO of Alpha Lions Academy and a notable figure in the blockchain industry, recently highlighted the existing inconsistencies in Binance’s operations on X (formerly Twitter). While Binance allows deposits, users are facing limitations in withdrawing assets using card services, as pointed out by Farina.
Farina’s tweet followed a stream of complaints from Binance clients who found themselves unable to execute withdrawals. Users attempting withdrawal services are met with a message stating:
“We are currently unable to provide card withdrawal services. We are working to resolve this. In the meantime, please use the alternative withdrawal channels that are available.“
After undergoing prolonged regulatory scrutiny, Binance and Changpeng Zhao admitted guilt for violating anti-money laundering laws, resulting in a $4.3 billion settlement. Zhao’s resignation led to the appointment of the new CEO, Richard Teng, who previously served as Binance’s Global Head of Regional Markets.
The crypto community reacted strongly to these developments involving Binance and Zhao, with Cardano founder Charles Hoskinson characterizing it as the “end of an era.” In response, the ecosystem experienced a significant surge in withdrawals, surpassing $1 billion on the same day. The net outflow from the exchange over the past seven days totaled $703.1 million.
Aspect | Figures |
---|---|
Settlement Amount | $4.3 billion |
Withdrawal Surge (Same Day) | > $1 billion |
Net Outflow (Last 7 Days) | $703.1 million |