Binance sees $1.9 bln withdrawals in 24 hours
- Oops!Something went wrong.Please try again later.
STORY: Binance is seeing cash flow out the door.
The world’s largest crypto exchange saw withdrawals of $1.9 billion in just 24 hours.
That was according to blockchain data firm Nansen on Tuesday (December 13).
Binance is run by crypto tycoon Changpeng Zhao, or CZ.
It’s enjoyed heightened dominance since the collapse of rival exchange FTX.
But it has also been trying to reassure investors over its finances, last week tweeting a report by auditors.
It showed that its bitcoin reserves exceeded customer deposits on at least one day in November.
However, Nansen says the new withdrawals flow from lingering worries over Binance’s reserves.
Separate reports on Monday (December 12) had showed an outflow of over $900 million that day.
On Tuesday the firm also said it was pausing withdrawals of one particular token.
The reports come when the exchange was already under pressure.
It’s facing a probe by U.S. authorities over its compliance with money laundering laws and sanctions.
Watchdogs are reportedly divided over whether to press charges right now.
