Ethereum

Maker

Read

Parallel

<p class="is-style-lead">Amid executive departures and trading suspensions, Binance faces liquidity concerns as whale activity reveals a complex pattern.</p> 
<p>Binance, the world’s leading crypto exchange, remains under scrutiny while the community maintains a cautious stance concerning its general liquidity.</p> 
<p>In the past week, several high-level executives from the exchange’s APAC and Eastern Europe divisions have <a href="https://crypto.news/binance-russia-execs-leave-amid-ongoing-rumors-of-market-exit/">resigned</a>. </p> 
<p>Moreover, Binance has temporarily suspended trading of multiple altcoins, including the <a href="https://crypto.news/binance-to-halt-busd-support-due-to-legal-issues/">BUSD</a> stablecoin, in response to mounting regulatory pressure.</p> 
<p> You might also like: <a href="https://crypto.news/binance-russia-execs-leave-amid-ongoing-rumors-of-market-exit/"> Binance Russia execs leave amid ongoing rumors of market exit </a> </p> 
<p>As these issues converge, whales appear to be changing tact, shuffling coins around.</p> 
<p>Data from crypto analysis platform, Lookonchain, reveals that a whale transferred $4 million worth of Synthetix (SNX) on Sep. 6, a day following the 2% rise of SNX prices.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">A newly created address withdrew 1.7M <a href="https://twitter.com/search?q=%24SNX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$SNX</a> ($4M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> 30 minutes ago.<a href="https://t.co/vOIj1aei91" target="_blank">https://t.co/vOIj1aei91</a> <a href="https://t.co/28hYFK1K29" target="_blank">pic.twitter.com/28hYFK1K29</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1699458217179562428?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 6, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Meanwhile, another whale withdrew $16 million in Ethereum (ETH) after initially depositing $36 million. </p> 
<p>On Sep. 6, another user withdrew $12.3 million worth of Maker (MKR).</p> 
<p>However, while there has been notable withdrawals, some whales continue to make deposits.</p> 
<p>For instance, an ETH whale deposited $36 million in Tether (USDT) on Sep.5 only to withdraw $15.9 million worth of ETH an hour later.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">This smart whale deposited 36M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> 50 mins ago and then withdrew 9,819 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> ($15.9M) 11 mins ago.<br><br>It seems that the whale is buying <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> at the bottom.<a href="https://t.co/S4Wv8XRlhW" target="_blank">https://t.co/S4Wv8XRlhW</a> <a href="https://t.co/mcYBjOq55t" target="_blank">pic.twitter.com/mcYBjOq55t</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1698918542819938356?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 5, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Parallel data from <a href="https://messari.io/asset/bitcoin/metrics/exchange-flows" target="_blank" rel="noopener">Messari</a> confirms these massive withdrawal. </p> 
<p>The analytics platform shows that there has been a net outflow of $27.4 million in Bitcoin (BTC) on Binance in the past 24 hours.</p> 
<figure class="wp-block-image size-full is-resized">
 <img decoding="async" loading="lazy" src="https://crypto.news/app/uploads/2023/09/Screenshot-2023-09-05-194538-1.png" alt="Crypto whales shuffle millions via Binance amid regulatory scrutiny - 7" class="wp-image-14192311" style="width: 100%;height:385px" width="670" height="385">
</figure> 
<p>Even so, there are other emerging concerns.</p> 
<p>On Sep. 6, there is a withdrawal <a href="https://www.binance.com/en/network" target="_blank" rel="noopener">glitch</a> relating to USDC affecting those moving the stablecoin from Optimism, an Ethereum layer- platform. </p> 
<p>Despite the growing concerns and increased scrutiny in the market, Binance CEO Changpeng Zhao (CZ) dismisses recent fears. He explains that the departure of executives is simply for better roles outside the company.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Some of our team members are growing into bigger roles, some outside of <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a>. Some are doing new exciting ventures. I even made intros/references for many of them. We are supportive of everyone. We are one community.<br><br>This also creates more growth opportunities within…</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1699400562637168794?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 6, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> Read more: <a href="https://crypto.news/binance-to-halt-busd-support-due-to-legal-issues/"> Binance to halt BUSD support due to legal issues </a> </p>

Crypto whales shuffle millions via Binance amid regulatory scrutiny

crypto.news

Other articles published on Sep 6, 2023

Immutable Recovers, ApeCoin’s Declines, and Watchvestor’s Promising Presale Gains Momentum

Coinbase Exchange Secures $57 Million for New Crypto-Lending Platform

Binance Adds XRP, Dogecoin Support For New USD Stablecoin

Bitcoin Price Prediction: Davis Polk Urges SEC to Approve Spot ETF, Highlighting Market Potential...

Bitop Exchange Launches Enhanced Crypto, Stocks,Commodities, and Binary Solutions (6 Sep)

Google Bets on ChainGPT's Web3 Vision with a Whopping $350,000 Grant

Join our free newsletter for daily crypto updates!