Binance’s $1.4 billion withdrawals in 24 hours amid struggles
The post Binance’s $1.4 billion withdrawals in 24 hours amid struggles appeared on BitcoinEthereumNews.com. One of the world’s largest crypto exchanges, Binance, has recently made headlines as its users withdrew digital assets worth a staggering $1.4 billion in a span of 24 hours. The development has been realized amid setbacks of increasing regulatory scrutiny, among other technical challenges that have brought concerns to the crypto market. Binance, founded by Changpeng Zhao (CZ) in 2017, has played a huge role in the financial ecosystem, establishing itself as a prominent user-friendly crypto exchange platform. The recent reports on the large withdrawals made in a day have also affected its token price (BNB) and has witnessed growth in the market. Binance faces a withdrawal crisis to the tune of millions An estimate of $1.4 billion in withdrawals in digital assets has been made via the Binance crypto exchange platform, putting the entire crypto community in a frenzy. This has raised eyebrows in the digital space as the data is confirmed by DeFillama, noting more than $1 Billion in withdrawals made. According to the data findings, the primary asset withdrawn was Tether’s USDT. Approximately $878 million worth of the stablecoin was withdrawn. Other cryptocurrencies alongside Bitcoin recorded $167 million worth of token withdrawals. This followed the Forbes report on crypto exchanges made since the FTX collapse, noting over $12 billion worth of digital assets outflows. This significant total of withdrawals has shocked the entire crypto community amid struggles with regulatory concerns and the departure of executives. Binance has found a tough rally this year as it has been caught up in the web of regulatory enforcement. The exchange platform has witnessed the exodus of its top executives during its transition period. Among the cryptocurrencies withdrawn include Bitcoin, Tron, XRP, Solana, and Tether’s USDT, which has the largest number of withdrawals. Additionally, the report also displays that crypto wallet…
The post Binance’s $1.4 billion withdrawals in 24 hours amid struggles appeared on BitcoinEthereumNews.com.
One of the world’s largest crypto exchanges, Binance, has recently made headlines as its users withdrew digital assets worth a staggering $1.4 billion in a span of 24 hours. The development has been realized amid setbacks of increasing regulatory scrutiny, among other technical challenges that have brought concerns to the crypto market. Binance, founded by Changpeng Zhao (CZ) in 2017, has played a huge role in the financial ecosystem, establishing itself as a prominent user-friendly crypto exchange platform. The recent reports on the large withdrawals made in a day have also affected its token price (BNB) and has witnessed growth in the market. Binance faces a withdrawal crisis to the tune of millions An estimate of $1.4 billion in withdrawals in digital assets has been made via the Binance crypto exchange platform, putting the entire crypto community in a frenzy. This has raised eyebrows in the digital space as the data is confirmed by DeFillama, noting more than $1 Billion in withdrawals made. According to the data findings, the primary asset withdrawn was Tether’s USDT. Approximately $878 million worth of the stablecoin was withdrawn. Other cryptocurrencies alongside Bitcoin recorded $167 million worth of token withdrawals. This followed the Forbes report on crypto exchanges made since the FTX collapse, noting over $12 billion worth of digital assets outflows. This significant total of withdrawals has shocked the entire crypto community amid struggles with regulatory concerns and the departure of executives. Binance has found a tough rally this year as it has been caught up in the web of regulatory enforcement. The exchange platform has witnessed the exodus of its top executives during its transition period. Among the cryptocurrencies withdrawn include Bitcoin, Tron, XRP, Solana, and Tether’s USDT, which has the largest number of withdrawals. Additionally, the report also displays that crypto wallet…
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