After the U.S. Commodity Futures Trading Commission filed suit against Binance for alleged trading and derivatives rule violations, a significant amount of cryptocurrency was withdrawn from the exchange. According to data from analytics provider Nansen, $400 million in Ethereum-based funds were withdrawn in 24 hours, and Coinglass metrics show that 3,655 bitcoins worth over $99 million were withdrawn in the past day.
3,655 bitcoins were withdrawn from Binance in 24 hours
On Monday, March 27, 2023, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and its CEO, Changpeng Zhao (CZ), alleging that the exchange violated certain trading and derivatives rules; the CFTC is seeking disgorgement and monetary penalties, as well as a ban on future registrations. Following the news, Binance experiencednumerouswithdrawals, and some observers noted a “big on-chain move” before the exchange got into trouble with the CFTC.
“Hours before the CFTC indictment of Binance, there were massive stablecoin withdrawals across centralized exchanges, totaling about $1.5 billion in just 12 hours. Notably, Binance itself saw an outflow of $850 million,” explained an analyst for “An Ape’s Prologue”. “Just an hour after the announcement, another $240 million was withdrawn at Binance,” the researcher noted.
28} data. Nansenand; according to Dune Analytics, more than $400 million in Ethereum-based funds were withdrawn in less than 24 hours. At the time of writing, Nansen’s reserves proofportalshows that Binance holds $63.36 billion worth of cryptocurrency assets. Also according to statistics, more than 150 million BUSD stablecoins were redeemed on Monday. There are currently 7.84 billion BUSD in circulation, of which 7.1 billion tokens are held in Binance.
Binance also holds one of the largest caches of bitcoin, and its cold wallet holds 248,597 bitcoins, the single largest address todayAccording to Coinglass, Binance’sBTCbalance shows that the exchange has withdrawn 3,655 bitcoins in the past day, equivalent to nearly $100 million; while Binance has withdrawn the most bitcoins in the past 24 hours, Coinglass’ records show that 1,025 bit coins were withdrawn from Coinbase.
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