Binance, the world’s largest cryptocurrency exchange, was one of the most important agendas of November. The giant crypto exchange made a high-stakes agreement with the US authorities. Following this, founder and CEO Changpeng Zhao, who was identified with Binance, left his seat as part of the agreement. This development also triggered a significant increase in withdrawals in the stock market. Analytics platform Nansen evaluated the latest situation after CZ.
Is it business as usual for Binance?
“Business as usual,” Nansen wrote while evaluating Binance’s data. Withdrawals from crypto exchange Binance appear to have decreased significantly following its $4.3 billion settlement with the United States Department of Justice (DOJ) last week, according to the analytics platform.
Nansen data shows Binance had a net inflow of $87.4 million in Ethereum deposits in the last seven days. Meanwhile, the net draw of multi-chain tokens, which includes Ethereum (ETH), Binance Coin (BNB), Avalanche (AVAX), and Polygon (MATIC), totaled $59.2 million during the same period. Binance users withdrew more than $1 billion from the exchange after the $4.3 billion deal.
https://twitter.com/nansen_ai/status/1730244533735260229
The latest events did not affect the users much!
According to Nansen data, so far Binance users have withdrawn more than $7.62 billion from the exchange. But users also deposited $7.56 billion in crypto assets. The value of BNB, the token of Binance’s BNB Smart Chain, remained largely unchanged last month at $227. As you follow from Kriptokoin.com, Changpeng Zhao resigned as Binance CEO immediately after the agreement. In addition, he resigned as chairman of the board of directors of Binance.US on November 29.
As part of the agreement, Changpeng Zhao pleaded guilty to money laundering. He also faces a prison sentence of 18 months to 10 years, depending on how federal sentencing guidelines are interpreted. The court will probably evaluate the sentence in question in February 2024.
New Binance CEO tries to establish trust
Binance’s former head of global regional markets, Richard Teng, took over as CEO following Zhao’s departure. “I am deeply committed to Blockchain’s promises such as increased financial inclusion, cross-border remittances, and reduced transaction costs,” Teng said in his first blog post as CEO. “I also see an opportunity to give individuals greater control over their personal data.” said.
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