Ethereum

Maker

Synthetix

Parallel

<div class="cryptonews"> 
 <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 resigned. </p> 
 <p>Moreover, Binance has temporarily suspended trading of multiple altcoins, including the BUSD stablecoin, in response to mounting regulatory pressure.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Binance Russia execs leave amid ongoing rumors of market exit 
 </div> 
 <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 $SNX ($4M) from #Binance 30 minutes ago.https://t.co/vOIj1aei91 pic.twitter.com/28hYFK1K29</p>— Lookonchain (@lookonchain) September 6, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Meanwhile, another <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> withdrew $16 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in Ethereum (ETH) after initially depositing $36 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>. </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 <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> deposited $36 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in Tether (USDT) on Sep.5 only to withdraw $15.9 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> 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 <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> deposited 36M $USDT to #Binance 50 mins ago and then withdrew 9,819 $ETH ($15.9M) 11 mins ago.<br><br>It seems that the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> is buying $ETH at the bottom.https://t.co/S4Wv8XRlhW pic.twitter.com/mcYBjOq55t</p>— Lookonchain (@lookonchain) September 5, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Parallel data from Messari 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" src="https://cdn.thebittimes.com/images/2023/09/07/df2bc2945d7ecf9100b4ac605cb460d8.webp" alt="Crypto whales shuffle millions via Binance amid regulatory scrutiny - 1" 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 glitch 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 #Binance. 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) September 6, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Binance to halt BUSD support due to legal issues 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-whales-shuffle-millions-via-binance-amid-regulatory-scrutiny-tbt61819.html">https://thebittimes.com/crypto-whales-shuffle-millions-via-binance-amid-regulatory-scrutiny-tbt61819.html</a></p>

Crypto whales shuffle millions via Binance amid regulatory scrutiny

TheBitTimes

Other articles published on Sep 6, 2023

Bitcoin Bears Regain Control, What’s Next?

Binance Coin (BNB) Price Analysis for September 6

Navigating the Blue Ocean of Crypto 🚀: Finding Competitive Advantages in a Digital Frontier 🌊

Today in Crypto: SOMA Finance to Offer 'Legally Issued and Compliantly Structured Digital Securit...

Château EDMUS invents NFT wine allocations

MetaMask introduces Ethereum to fiat trades

Join our free newsletter for daily crypto updates!