Binance, the largest crypto exchange in the world, has had a negative spotlight this week. On Tuesday it appeared in the crypto news that Binance has been sued by the Commodity Futures Trading Commission (CFTC). Binance is said to have several violations, including illegally offering services to US customers and market manipulation.
As a result of this news, investors choose eggs for their money and withdrawals increased sharply. However, at the moment there would be no so-called bank run.
Over $2.2 billion in crypto withdrawals
Since the announcement of the news, $ 2.2 billion worth of cryptocurrencies have been withdrawn from the crypto exchange. However, during the same period, $1.3 billion worth of crypto was also sent to the exchange, which means a net outflow of $900 million.
Binance CEO Changpeng Zhao (CZ) has already indicated on Twitter that net outflows were lower than during FUD in the wake of FTX’s fall. The recordings are also lower so far than when Paxos went through the New York State Department of Financial Services banned from issuing new Binance USD (BUSD) stablecoins. At the time, Binance processed more than $2 billion in withdrawals in a single day.
Nansen data journalist Martin Lee indicated that the fear surrounding the current indictment is a lot lower than at the end of last year during the insolvency fear:
“No real sign of a bank run yet, it feels like the fears around this have been much lower than the whole period of salvage fears at the end of last year.”
This is how much crypto Binance owns
Data from Nansen shows that Binance’s on chain portfolio currently totals $64 million. Tether (USDT), bitcoin (BTC), ethereum (ETH), Binance USD (BUSD) and BNB (BNB) are the largest holdings: no less than 81% of the total balance is filled by these assets.