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<p class="is-style-lead">Binance faces significant user fund outflows and a drop in BNB value following the DoJ’s criminal charges and CEO Changpeng Zhao’s potential departure.</p>
<p>Binance is seeing significant outflows from its exchange following the earlier news of the U.S. DoJ <a href="https://crypto.news/binance-charged-with-three-major-crimes-by-the-doj-including-conspiracy/" rel="noopener noreferrer nofollow">charging</a> the leading exchange with three major crimes. <a href="https://twitter.com/nansen_ai/status/1727031719495340490" target="_blank" rel="noopener noreferrer nofollow">Nansen</a>, a blockchain analytics firm, reported a noticeable outflow from the exchange, as investors are withdrawing funds. Specifically focusing on the Ethereum ERC-20 network, Nansen observed a startling increase in net outflows, escalating from $10,000 to a staggering $45 million within just an hour.</p>
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   <p lang="en" dir="ltr">Since our first update on <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@binance</a>, it appears that users are withdrawing funds from the exchange based on market rumors<br><br>Netflow has gone from -$10K to -$45M over the past hour (Ethereum only)<a href="https://t.co/SikCRA6zl2" target="_blank" rel="noopener noreferrer nofollow">https://t.co/SikCRA6zl2</a> <a href="https://t.co/cShuIJ76DN" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/cShuIJ76DN</a></p>— Nansen 🧭 (@nansen_ai) <a href="https://twitter.com/nansen_ai/status/1727031719495340490?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 21, 2023</a>
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<p>More details about Binance’s charges are set to be revealed today, as the DoJ is holding a press conference. So far, we know that the platform’s CEO <a href="https://crypto.news/wsj-changpeng-zhao-to-step-down-plead-guilty-as-part-of-binance-doj-settlement/" rel="noopener noreferrer nofollow">Changpeng Zhao</a> has agreed to plead guilty and step down from his role. The exchange will also pay over $4 billion in penalties, as a part of the settlement.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/binance-charged-with-three-major-crimes-by-the-doj-including-conspiracy/" rel="noopener noreferrer nofollow"> Binance charged with three major crimes by the DoJ, including conspiracy </a></p>
<p>Binance’s own cryptocurrency, <a href="https://crypto.news/price/bnb/" rel="noopener noreferrer nofollow">BNB</a>, along with various lesser-known digital currencies, experienced a downturn. BNB, integral to both the Binance platform and its associated BNB Chain blockchain, saw a decline of nearly 7% following the news. Concurrently, other cryptocurrencies like <a href="https://crypto.news/price/solana/" rel="noopener noreferrer nofollow">Solana</a> and <a href="https://crypto.news/price/polygon/" rel="noopener noreferrer nofollow">Polygon</a> also suffered losses, dipping by around 5% and 8%, respectively.&nbsp;</p>
<p>Read more: <a href="https://crypto.news/sec-sues-kraken-crypto-exchange-due-to-illegal-operation/" rel="noopener noreferrer nofollow"> SEC sues Kraken crypto exchange due to illegal operation </a></p>

Binance sees over $45m in funds withdrawn amidst criminal charges

crypto.news

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