Capital flight from Binance subsides: Report
“It’s business as usual,” Nansen wrote in evaluating Binance’s data.
It appears that withdrawals from crypto exchange Binance have largely subsided after its $4.3-billion settlement with the United States Department of Justice last week.
Data from blockchain analytics firm Nansen shows that Binance witnessed a net inflow of $87.4 million in Ethereum token deposits in the past seven days. Meanwhile, the net withdrawal of multichain tokens, which includes Ether (ETH), BNB (BNB), Avalanche’s AVAX (AVAX) and Polygon’s MATIC (MATIC), totaled $59.2 million during the same period. In the initial aftermath of the $4.3-billion settlement, Binance users withdrew more than $1 billion from the exchange.
Following the initial rush of deposit withdrawals from @binance last week in response to the news of @cz_binance’s departure and legal challenges, outflows from the exchange have settled
Ethereum: +$86.7M netflow over 7 days
Multichain: -$68M over 7 daysIt’s business as usual pic.twitter.com/iMInkTzcBZ
— Nansen (@nansen_ai) November 30, 2023
Since then, Binance users have withdrawn more than $7.62 billion from the exchange but have also deposited $7.56 billion in digital assets, according to Nansen data.
Immediately after the settlement, Changpeng Zhao resigned as CEO of Binance, followed by his resignation as chairman of the board of directors of Binance.US on Nov.
Richard Teng, former global head of regional markets at Binance, has been named CEO following Zhao’s departure.
