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$5 Billion Withdrawn from Binance (BNB) Following Recent Turmoil

Fri, 12/16/2022 - 11:16
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Gamza Khanzadaev
Outflows from Binance reached $5 billion in two days following criminal charges rumors
$5 Billion Withdrawn from Binance (BNB) Following Recent Turmoil
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According to crypto analytics portal Delphi Digital, more than $5 billion were withdrawn from major cryptocurrency exchange Binance in a two-day period between Dec. 13 and 14. The outflow was triggered by rumors that U.S. prosecutors were considering charging Binance and executives with money laundering and sanctions violations.

The outflow was the largest since the black-and-yellow crypto giant began releasing its proof of reserves on Nov. 10. Back then, during the period of extreme market turbulence caused by the FTX collapse, $2.3 billion were withdrawn from Binance in a short period of time.

U.S. Senator Claims Binance Has Ties to Chinese Government

Binance (BNB): current state of affairs

It emerged today that audit firm Mazars, which audited Binance and other exchanges, will suspend services to crypto clients.

In the last 24 hours, however, according to Nansen, net outflows from Binance were $316.3 million, where with inflows of $783.8 million, $1.1 billion were withdrawn through key networks.

At the moment, the publicly disclosed wallets of the exchange-ecosystem contain $57 billion in assets. Of this amount, 26.94% is in BUSD, 20.83% in USDt and 14.79% in Bitcoin (BTC). Binance's own token, BNB, accounts for 9.95%. Since the beginning of the week, BNB has lost 12.24% and now trades at $249.8 per token.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.