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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 <a rel="noopener noreferrer nofollow" title="criminal" href="https://thebittimes.com/tag/criminal.html">criminal</a> <a rel="noopener noreferrer nofollow" title="charges" href="https://thebittimes.com/tag/charges.html">charges</a> 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 charging the leading exchange with three major crimes. Nansen, a blockchain analytics firm, reported a noticeable outflow from the exchange, as investors are withdrawing <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a>. 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 @binance, it appears that users are withdrawing <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a> from the exchange based on market rumors<br><br>Netflow has gone from -$10K to -$45M over the past hour (Ethereum only)https://t.co/SikCRA6zl2 pic.twitter.com/cShuIJ76DN</p>— Nansen (@nansen_ai) November 21, 2023
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 <p>More details about Binance’s <a rel="noopener noreferrer nofollow" title="charges" href="https://thebittimes.com/tag/charges.html">charges</a> are set to be revealed today, as the DoJ is holding a press conference. So far, we know that the platform’s CEO Changpeng Zhao 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>
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 <p>Binance’s own cryptocurrency, BNB, 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 Solana and Polygon also suffered losses, dipping by around 5% and 8%, respectively.&nbsp;</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SEC sues Kraken crypto exchange due to illegal operation
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-sees-over-45m-in-funds-withdrawn-amidst-criminal-charges-tbt71143.html">https://thebittimes.com/binance-sees-over-45m-in-funds-withdrawn-amidst-criminal-charges-tbt71143.html</a></p>

Binance sees over $45m in funds withdrawn amidst criminal charges

TheBitTimes

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