New data from market intelligence firm Nansen shows that Binance is experiencing relatively minimal consequences from the $4 billion fines imposed by US regulators.
According to Nansen, the world’s largest crypto exchange saw an outflow of $17 million in Ethereum (ETH) in one hour and $956 million in Bitcoin (BTC) in one day.
However, Nansen says that the value of Binance’s total holdings has risen slightly over the past twelve hours.
“As of this writing, withdrawals are continuing and we are not seeing a mass exodus of funds. Over the past hour, Binance on Ethereum has had a negative net flow of $17 million (more leaving the exchange than coming in).
Over the past 24 hours, Binance on Ethereum has had a negative net flow of $956 million.
The total value of the asset has increased from $64.6 billion to $65.2 billion in the last twelve hours. This takes into account the outflow and price changes over the past twelve hours.”
Some of Binance’s token holdings that rose over the past 12 hours include Binance Coin (BNB), Solana (SOL), Chainlink (LINK), Shiba Inu (SHIB), and Polygon (MATIC).
According to Nansen, Binance has seen worse times in terms of outflows.
“In the past, Binance has handled higher outflow volumes and negative net flows: June 2023 after the SEC (US Securities and Exchange Commission) sued Binance, December 2022 after rumors of insolvency, and the immediate aftermath of FTX.”
Earlier this week, Binance was fined $4.3 billion by the Department of Justice (DOJ) for allegedly violating US anti-money laundering laws. Binance CEO Changpeng Zhao said he will plead guilty to the charges and step down as CEO.
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Generated image: Midjourney