Binance Faces Massive Withdrawals Amidst Resignation Drama and U.S. Charges

Binance Faces Massive Withdrawals Amidst Resignation Drama and U.S. Charges

Key Insights

  • Binance is facing massive withdrawals in the wake of the previous day's news.
  • Investors are rushing to withdraw their funds from Binance out of fear for the company's future.
  • Binance has reassured its users that it remains operational and has sufficient reserves to cover all withdrawals.
  • BNB, Binance's native token, has taken a hit in the last day, erasing all of the previous day's gains.
  • Institutional investors and brokers may be moving their funds to other exchanges, suggesting that they may be losing confidence in Binance.

Binance, the largest crypto exchange in the world by trading volume, was at the edge of a knife yesterday, with several criminal charges levelled against the exchange itself, and its CEO, Changpeng Zhao.

According to reports the founder and CEO of Binance, Changpeng 'CZ' Zhao agreed to step down as part of a record settlement with the U.S. authorities.

Earlier in the year, the US Department of Justice accused Binance of operating an "illegal money laundering venture", and as a result, Binance is also set to exit the U.S. market completely.

Let's see how investors have reacted to this news so far.

Massive Withdrawals Shake Binance

Just like what we saw with FTX when its financial woes first started, many Binance users rushed to withdraw their funds and crypto from the exchange when the news hit the internet.

Binance asset flows
Binance asset flows

According to a recent tweet from the head of research of, Binance has seen net outflows of about 2.2 billion USD over the last day.

This amount of outflows is way above normal, due to investors hurriedly withdrawing their funds out of fear.

However, Binance has tried to reassure its users that it remains operational, and still has about $67 billion worth of tokens and stablecoins in its reserves.

Binance outflows and inflows
Binance outflows and inflows

Data from Dune Analytics also corroborates these facts and shows that while $2,88 billion has left the exchange so far in the last 24 hours, about $1.85 billion has also come in.

BNB, Others Take Hits

Interestingly enough, BNB was one of the most bullish cryptocurrencies yesterday, after gaining about 10% initially.

However, over the last day, the cryptocurrency has taken another 10% slump and has erased all of the previous day's gains.

Binance's BNB, Other inflows | Source: <a href='' target='_blank' rel='noreferrer noopener'><u>Dune Analytics</u></a>
Binance's BNB, Other inflows | Source: Dune Analytics

Data from Dune Analytics also shows that BNB was the most deposited and withdrawn token in the past 24 hours, followed by other popular tokens such as USDT, ETH, and BTC.

Even more interesting is how some of the largest withdrawals and deposits were made by addresses that are linked to institutional investors and brokers like and Wintermute Trading.

Largest in and outflows on Binance
Largest in and outflows on Binance

Things may not look so good for Binance if these entities are moving their funds to other exchanges or platforms for arbitrage or liquidity purposes.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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