Cryptocurrency investors withdrew $956 million from the Binance exchange in one day. A large-scale outflow of funds occurred after the company admitted guilt for violating sanctions and its founder, Changpeng Zhao, resigned as part of a deal with US authorities.
Binance, the world’s largest cryptocurrency exchange, is facing a large outflow of investor funds. In the last 24 hours alone, they withdrew $956 million from the crypto exchange, Reuters reported.
A one-time outflow of such an amount is not significant for Binance, whose assets amount to $65 billion, according to experts at the Nansen analytical platform.
Investors began withdrawing money from Binance after the exchange pleaded guilty to violating sanctions and failing to comply with anti-money laundering regulations. The company must pay a fine of $4.3 billion as part of an agreement with US authorities.
Amid the allegations, Binance CEO and founder Changpeng Zhao resigned. After his departure, the exchange was led by senior managing director Richard Teng.
Author:
Kirill Bilyk
Source: RB
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