After the US Commodity Futures Trading Commission sued Binance for alleged violations of derivatives and trading rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows that $400 million in Ethereum-based funds were withdrawn in 24 hours, and 3,655 bitcoins worth more than $99 million were withdrawn over the past day, according to Coinglass metrics.
3,655 Bitcoin withdrawn from Binance in 24 hours
On Monday, March 27, 2023, the US Commodity Futures Trading Commission (CFTC) sued Binance and the CEO chang peng zhao (CZ), alleging that the exchange had violated specific trading and derivatives rules. The CFTC is seeking remand and monetary penalties, as well as a ban on further registrations. Following the news, Binance experienced a Big number withdrawals, with some observers noting “big chain moves before” the exchange’s troubles with the CFTC.
“A few hours before the Binance CFTC indictment, there were large stablecoin withdrawals on centralized exchanges, totaling almost $1.5 billion in just 12 hours. Notably, Binance saw an outflow of $850 million”, ‘An Ape’s Prologue’ analysts explained. “Just an hour after the announcement, Binance saw an additional $240 million withdrawn,” the researchers noted.
Data of nansen and dune analysis show that over $400 million in Ethereum-based funds were withdrawn in 24 hours. At the time of writing, the Nansen reserve test portal shows that Binance owns $63.36 billion in cryptocurrency assets. The statistics also show that more than 150 million BUSD stablecoins were exchanged on Monday. There are currently 7.84 billion BUSD in circulation, and 7.1 billion of those tokens are on Binance.
Binance also has one of the largest bitcoin caches, with its cold wallet holding 248,597 bitcoin, the largest unique address today. According to Coinglass, Binance BTC The balance indicates that the exchange has lost 3,655 bitcoins worth close to $100 million over the past day. While Binance saw the largest outflow of bitcoins in the last 24 hours, Coinglass records indicate that 1,025 bitcoins were withdrawn from Coinbase.
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