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Millions of XRP to Be Moved by Binance, Here's What's Happening

Mon, 12/19/2022 - 10:58
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Gamza Khanzadaev
Binance warns about large transactions with XRP, but there is no need to worry
Millions of XRP to Be Moved by Binance, Here's What's Happening
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Major cryptocurrency exchange Binance has warned the crypto community that major XRP transactions are imminent. According to the announcement, the transactions will take place as part of a purge of collateral-related wallets. In addition to XRP, Chainlink's token, LINK, will also be moved to the corresponding wallet.

According to CoinMarketCap and portal Nomics, Binance is the largest holder of XRP liquidity, providing more than $100 million in daily trading volume and holding about 150 million XRP in its reserves. Thus, Nomics estimates the black-and-yellow crypto giant's impact on the XRP price at 30.74%.

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Binance is experiencing increased scrutiny

Binance is currently experiencing tremendous attention from all sides due to last week's news. Recall, as reported by U.Today, rumors have emerged that the U.S. Attorney's Office is considering charging the exchange with money laundering and sanctions violations.

These rumours were then repeatedly dismissed by the exchange's representatives and its head, Changpeng Zhao, but the damage was done nonetheless. For example, Binance's native token, BNB, closed the week at minus 12%, at one point losing more than 22%. In parallel, the exchange experienced multi-billion dollar outflows, but to be fair, all customer payments were properly processed.

The exchange-ecosystem now has a net worth of $55 billion. In the last 24 hours, it has grown by $500 million.

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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.