Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Binance saw relatively modest outflows within recent hours in the wake of a new move by the U.S. to crack down on crypto exchange Binance and its chief executive officer Changpeng "CZ" Zhao.
Colin Wu of "Wu Blockchain" reports, citing Watchers data, that "Binance has outflowed $185 million worth of tokens in the past hour; $218 million worth of tokens has flowed out in the past four hours."
Binance has outflowed $185 million worth of tokens in the past hour; $218 million worth of tokens have flowed out in the past four hours. However, this amount is not large. Binance’s total asset on chain is $75.6 billion. https://t.co/OLm0ZvOgrZ
— Wu Blockchain (@WuBlockchain) March 27, 2023
"However, this amount is not large," he adds, saying that Binance's total assets on-chain are $75.6 billion.
As reported by U.Today, Binance saw nearly $5 billion in withdrawals within 48 hours in December, after speculation first arose that U.S. prosecutors were considering charging Binance and its executives with money laundering and sanctions violations.
According to DefiLlama data, Binance has seen only $652 million in outflows in the last 24 hours.
The impact of the news regarding the Binance CFTC lawsuit is, however, being felt on the markets, as the majority of crypto assets traded in the red at press time.
Bitcoin was down 3.51% in the last 24 hours at $26,918, while Ethereum was down 2.20% at $1,722.
XRP remains the only asset in the green among the top 10, save for stablecoins, and was up 4.21% in the last 24 hours at $0.484.
Binance CFTC complaint
On Monday, the Commodity Futures Trading Commission (CFTC) alleged in federal court in Chicago that crypto exchange Binance and its CEO routinely broke U.S. derivatives rules. It claims Binance should have registered with the regulator years ago and thus continues to violate the CFTC's rules.
Tomiwabold OlajideBinance CEO "CZ" published his response to the CFTC complaint. An excerpt reads, "Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years. Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint."
The market continues to monitor outflows from Binance and how events unfold in this latest twist.
Dan Burgin
Alex Dovbnya
Vladislav Sopov