{"id":203847,"date":"2023-11-30T22:21:10","date_gmt":"2023-11-30T16:51:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203847"},"modified":"2023-11-30T22:21:10","modified_gmt":"2023-11-30T16:51:10","slug":"capital-flight-from-binance-subsidies-report-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/capital-flight-from-binance-subsidies-report-crypto-news\/","title":{"rendered":"Capital flight from Binance subsidies: Report – Crypto News"},"content":{"rendered":"
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It appears that withdrawals from crypto exchange Binance have largely subsided after its $4.3 billion settlement<\/a> with the U.S. Department of Justice last week.\u00a0<\/p>\n

Data from blockchain analytics firm Nansen shows that Binance witnessed a net inflow of $87.4 million in Ethereum token deposits in the past seven days. Meanwhile, the net withdrawal of multi-chain tokens, which includes Ethereum, BNB Chain, Avalanche, and Polygon tokens, totaled $59.2 million during the same period. In the initial aftermath of the $4.3 billion settlement, Binance users withdrew<\/a> more than $1 billion from the exchange.<\/p>\n

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Following the initial rush of deposit withdrawals from @binance<\/a> last week in response to the news of @cz_binance<\/a>‘s departure and legal challenges, outflows from the exchange have settled<\/p>\n

Ethereum: +$86.7M netflow over 7 days
Multichain: -$68M over 7 days<\/p>\n

It’s business as usual pic.twitter.com\/iMInkTzcBZ<\/a><\/p>\n

\u2014 Nansen (@nansen_ai) November 30, 2023<\/a><\/p><\/blockquote>\n

Since then, Binance users have withdrawn more than $7.62 billion from the exchange, but have also deposited $7.56 billion in digital assets, according to Nansen data. The value of BNB, the official token of Binance’s BNB Chain, remains largely unchanged in the past month at $227.<\/p>\n

Immediately after the settlement, Changpeng Zhao resigned as CEO of Binance, followed by his resignation as chairman<\/a>\u00a0of the board of directors of Binance.US on Nov. 29. As part of the settlement, Zhao pleaded guilty to money laundering and faces up\u00a0 18 months to 10 years in prison, depending on how federal sentencing guidelines are interpreted. Sentencing is due in February 2024.\u00a0<\/p>\n

Richard Teng, Binance’s former global head of regional markets, has been named as CEO following Zhao’s departure. In his first blog post as CEO, Teng stated that “I am deeply committed to the promise of blockchain, such as the opportunities for increased financial inclusion, cross-border remittances, and reduced transaction costs. I also see the opportunity to empower individuals to have more control over their personal data.”<\/p>\n

Related:\u00a0Binance launches pilot program for bank custody of collateral<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

It appears that withdrawals from crypto exchange Binance have largely subsided after its $4.3 billion settlement with the U.S. Department of Justice last week.\u00a0 Data from blockchain analytics firm Nansen shows that Binance witnessed a net inflow of $87.4 million in Ethereum token deposits in the past seven days. Meanwhile, the net withdrawal of multi-chain […]<\/p>\n","protected":false},"author":2,"featured_media":203848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-203847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=203847"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203847\/revisions"}],"predecessor-version":[{"id":203850,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203847\/revisions\/203850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/203848"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}