Patrick

United

David

Bitcoin

<p>Binance, the largest crypto exchange by trading volume, has endured more than $1 billion of net outflows in the past 24 hours, according to DeFillama CEX’s transparency <a href="https://defillama.com/cexs" rel="noopener noreferrer nofollow">dashboard</a>. The outflows are coming on the heels of the exit of another top executive from the crypto trading firm.</p>
<p>According to DeFillama’s data, Binance endured $1.4 billion in net outflows during the last 24 hours. A breakdown of the withdrawn assets shows that it comprised mainly $878 million in Tether’s USDT stablecoin and $167 million in Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>). Other assets, including Solana (<a href="https://cryptoslate.com/coins/solana/" rel="noopener noreferrer nofollow">SOL</a>), Tron (<a href="https://cryptoslate.com/coins/tron/" rel="noopener noreferrer nofollow">TRX</a>), <a href="https://cryptoslate.com/coins/binance-usd/" rel="noopener noreferrer nofollow">BUSD</a>, and <a href="https://cryptoslate.com/coins/xrp/" rel="noopener noreferrer nofollow">XRP</a>, also recorded sizeable outflows during the reporting period.</p>
<figure id="attachment_366696" aria-describedby="caption-attachment-366696" style="width: 100%" class="wp-caption aligncenter"><img class="size-full wp-image-366696" src="https://cryptoslate.com/wp-content/uploads/2023/10/Screenshot-2023-10-20-120748.jpg" alt="Binance outflows" width="736" height="400" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/Screenshot-2023-10-20-120748.jpg 736w, https://cryptoslate.com/wp-content/uploads/2023/10/Screenshot-2023-10-20-120748-300x163.jpg 300w" sizes="(max-width: 736px) 100vw, 736px">
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  Binance Asset Outflows (Source: DeFillama)
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<p>Notably, this corroborates a <em>CryptoSlate Insight</em> <a href="https://cryptoslate.com/insights/binance-leads-as-bitcoin-exchange-outflows-surge/" rel="noopener noreferrer nofollow">report</a> that stated that around $150 million worth of the top cryptocurrency had left Binance recently amid BTC on exchange balance plunging to a year-to-date low of 2.3 million.</p>
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  <p>Meanwhile, these outflows significantly pale to what the exchange has handled in the past. Earlier in the year, <a href="https://cryptoslate.com/binance-sees-12b-withdrawn-in-60-days/" rel="noopener noreferrer nofollow">reports</a> emerged that the exchange had processed around $12 billion in outflows following the FTX collapse of last year.</p>
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  <p>Binance’s crypto wallets hold $57 billion worth of digital assets, according to DeFillama <a href="https://defillama.com/cexs" rel="noopener noreferrer nofollow">data</a>.</p>
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<h2 class="s3" id="span-class-s2-staff-exodus-amid-regulatory-struggles-span"><span class="s2">Staff exodus amid regulatory struggles</span></h2>
<p>Over the past week, the staff exodus at Binance continued with the resignation of the exchange’s French subsidiary director, Stéphanie Cabossioras.</p>
<p>Binance France President David Prinçay <a href="https://x.com/davidprincay/status/1714573982928691272?s=20" rel="noopener noreferrer nofollow">confirmed</a> the exit in an Oct. 19 post on social media platform X (formerly Twitter).</p>
<p>Cabossioras’s exit continued a trend that has seen more than five top-level executives <a href="https://cryptoslate.com/binance-records-mild-outflow-as-another-top-executive-leaves/" rel="noopener noreferrer nofollow">leave&nbsp;</a>the exchange this year, including its chief strategy officer, Patrick Hillmann, senior vice president for compliance, Steven Christie, general counsel Han Ng, and director of investigations, Matthew Price.</p>
<p>Aside from that, the exchange regulatory issues have continued unabated, with a Brazilian congressional committee recently asking for the <a href="https://cryptoslate.com/changpeng-zhao-and-other-binance-executives-facing-possible-indictments-in-brazil/" rel="noopener noreferrer nofollow">indictment</a> of Binance CEO Changpeng Zhao and three other company executives for engaging in fraudulent management, offering or trading of securities without previous authorization, and operation of a financial institution without authorization.</p>
<p>In other jurisdictions like the United States, the cryptocurrency exchange is currently battling legal actions from two regulatory authorities, including the U.S. Securities and Exchange Commission (<a href="https://cryptoslate.com/binance-and-cz-sued-by-sec-for-breaching-securities-law/" rel="noopener noreferrer nofollow">SEC</a>) and the&nbsp;Commodity Futures Trading Commission (<a href="https://cryptoslate.com/cftc-sues-binance-over-alleged-breaking-of-trading-and-derivatives-rules/" rel="noopener noreferrer nofollow">CFTC</a>), who both allege that the platform has violated federal laws with its operations.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/binance-withdrawals-spikes-to-1-4b-in-24-hours-amid-continued-executive-departure-and-regulatory-struggles/">Binance withdrawals spike to $1.4B in 24 hours amid continued executive departure and regulatory struggles</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Binance withdrawals spike to $1.4B in 24 hours amid continued executive departure and regulatory struggles

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