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New data from market intelligence firm Nansen reveals that Binance is experiencing relatively minimal effects from being charged $4 billion in fines by US regulators.<\/p>\n
According to Nansen, the world\u2019s largest crypto exchange saw<\/a> an outflow of $17 million worth of Ethereum (ETH<\/a>) in one hour and $956 million worth of Bitcoin (BTC<\/a>) in one day.<\/p>\n However, Nansen says that the value of Binance\u2019s total holdings increased slightly over the last 12 hours.<\/p>\n \u201cAt the time of writing, withdrawals are continuing, and we\u2019re not seeing a mass exodus of funds. Over the past hour on Ethereum, Binance has a $17 million negative netflow (more leaving the exchange than what\u2019s entering it). <\/em><\/p>\n Over the past 24 hours on Ethereum, Binance has a $956 million negative netflow. <\/em><\/p>\n Total holdings value has increased over the past 12 hours from $64.6 billion to $65.2 billion. This takes into account outflows and changes in prices over the past 12 hours.\u201d <\/em><\/p>\n Some of Binance\u2019s token holdings that have seen increases in the last 12 hours include Binance Coin (BNB)<\/a>, Solana (SOL<\/a>), Chainlink (LINK<\/a>), Shiba Inu (SHIB<\/a>), and Polygon (MATIC<\/a>).<\/p>\n According to Nansen, Binance has seen worse times in terms of outflows.<\/p>\n \u201cIn the past, Binance has processed higher volumes of outflow and negative netflow: June 2023 after the SEC (U.S. Securities and Exchange Commission) sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX.\u201d<\/em><\/p>\n Earlier this week, Binance was hit with a $4.3 billion fine from the Department of Justice (DOJ) for allegedly violating<\/a> US anti-money laundering laws. Changpeng Zhao, Binance\u2019s chief executive, said he will plead guilty to the charges and step down as CEO.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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