Binance has continued to process significant withdrawals and deposits, 2 days after the exchange and its founder reached a plea deal with U.S authorities.
In the deal, Binance will pay more than $4 billion in fines and other penalties, after accepting charges of permitting illicit transactions on its platform, allegedly enabling various illegal activities such as child sex abuse, narcotics, and financing for terrorist organizations like ISIS, Al Qaeda, and Hamas’s Al-Qassam Brigades.
In the last 24 hours, the world’s largest exchange processed $1.24 billion in outflows, according to data published on Dune analytics. However, the exchange has also seen $1.16 billion coming in over the last 24 hours, cumulating to a net 24-hr outflow of $82.49 million.
From more data on Dune, we can see the Binance exchange native token BNB is witnessing the most activity over the last 24 hours, with $22.6 million in inflows and $19.1 million out.
The coin’s market capitalization dropped from a 7-day high of roughly $40.5 billion to $35.5 billion, at the time of writing. The BNB token has shed nearly 12% of its value in the last 3 days, from a 7-day high of $267 on November 21 2023 when the news broke out.
The processing of withdrawals and deposits helps alleviate any concerns about the exchange’s solvency. The situation is far unlike the 2022 run on the embattled exchange FTX, which stopped customer withdrawals following revelations that the exchange commingled customer assets with those of its trading arm, Alameda Research.
Binance, which swiftly appointed Richard Teng, its former Global Head of Regional Markets to replace Zhao as CEO, appears to have shunned key checks Zhao believed would turn customers off, authorities said.
It failed to report more than 100,000 suspicious transactions, including with organizations the U.S. described as terrorist groups such as Palestinian militant group, Hamas, and never reported transactions with websites dedicated to selling child sexual abuse materials.
The deal with the U.S government also bars Zhao from ‘any present or future involvement in operating or managing’ Binance, which he founded in 2017. He remains a major shareholder and has said he will be ‘available to the team to consult as needed,’ consistent with the deal.
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