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

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The global crypto market cap is $1.12 trillion with a 24-hour volume of $51.28 billion. The price of Bitcoin is $29,494.22 and BTC market dominance is 51.5%. The price of Ethereum is $1,606.82 and ETH market dominance is 17.3%. The best performing cryptoasset sector is Yield Farming, which gained 10%.
Another top executive resigned from their position at the embattled cryptocurrency platform.
Cover art/illustration via CryptoSlate
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 dashboard. The outflows are coming on the heels of the exit of another top executive from the crypto trading firm.
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 A breakdown of the withdrawn assets shows that it comprised mainly $878 million in Tether’s USDT stablecoin and $167 million in Bitcoin (BTC). Other assets, including Solana (SOL), Tron (TRX), BUSD, and XRP, also recorded sizeable outflows during the reporting period.
Notably, this corroborates a CryptoSlate Insight report 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.
Meanwhile, these outflows significantly pale to what the exchange has handled in the past. Earlier in the year, reports emerged that the exchange had processed around $12 billion in outflows following the FTX collapse of last year.
Binance’s crypto wallets hold $57 billion worth of digital assets, according to DeFillama data.
Over the past week, the staff exodus at Binance continued with the resignation of the exchange’s French subsidiary director, Stéphanie Cabossioras.
Binance France President David Prinçay confirmed the exit in an Oct. 19 post on social media platform X (formerly Twitter).
Cabossioras’s exit continued a trend that has seen more than five top-level executives leave 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.
Aside from that, the exchange regulatory issues have continued unabated, with a Brazilian congressional committee recently asking for the indictment 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.
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 (SEC) and the Commodity Futures Trading Commission (CFTC), who both allege that the platform has violated federal laws with its operations.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Changpeng Zhao, commonly known as “CZ,” stands at the helm of Binance, renowned as the globe’s premier cryptocurrency exchange by trading volume.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
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The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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