Following the latest allegations, Binance, the leading cryptocurrency exchange, witnessed a large number of bitcoin and ethereum outflows.
According to data provided by Coinglass, a total of 51,398 bitcoin (btc) tokens left Binance over the past month. The data shows that the majority of the outflows, around 48,000 coins, occurred on August 27, as many Palestinian users complained about frozen assets on the exchange.
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Additionally, Binance, the largest cryptocurrency exchange by trading volume, saw over 275,200 ethereum (eth) tokens leave the platform in the past 30 days. The platform witnessed an outflow of 86,486 eth in the past 24 hours alone.
The total amount of btc and eth that left Binance over the past month is worth approximately $3.7 billion at the time of reporting.
Despite the outflows, data shows that Binance remains the second-largest holder of bitcoin and ethereum with a total balance of 566,113 btc and 3.44 million eth. Coinbase currently leads the table with 824,887 btc and 4.44 million eth, according to Coinglass data.
Most of these outflows came after Ray Youssef, co-founder and former CEO of peer-to-peer cryptocurrency exchange Paxful, claimed that Binance seized the assets of its Palestinian users.
Binance told crypto.news that only a limited number of users have been affected due to the exchange's anti-money laundering and anti-terrorist financing policies.
Many pro-Palestine users on x have been sharing a new hashtag, #BoycottBinance. Some have even started deleting their Binance accounts and criticizing the platform’s decision to freeze Palestinian users’ funds.
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