DeFiLlama <\/a>and its CEX Transparency analysis, adding to a host of issues the company is currently facing.<\/p>\nThe bulk of these withdrawals comprise $878 million in stablecoin Tether (USDT)<\/strong> and $167 million in Bitcoin (BTC)<\/strong>. However, other cryptocurrencies such as Solana (SOL)<\/strong>, Tron (TRX)<\/strong>, BUSD<\/strong>, and XRP<\/strong> have also seen significant outflows.<\/p>\nWhile this decrease in funds is notable, it falls short of the $12 billion in withdrawals that Binance handled following the FTX collapse<\/strong> earlier this year, it is a striking sum and several reasons are compiled for the case.<\/p>\n
<\/p>\n
A SERIES OF INTERNAL CHANGES AT BINANCE AND REGULATIONS<\/h2>\n
The resignation of several high-level executives<\/strong> has shaken the company. St\u00e9phanie Cabossioras, director of Binance’s French subsidiary, is the latest to leave her position.<\/p>\nHis resignation joins a growing list<\/strong> that includes chief strategy officer Patrick Hillmann, senior vice president of compliance Steven Christie, general counsel Han Ng and chief research officer Matthew Price.<\/p>\nThe constant departure of executives raises questions about the stability of leadership at the company<\/strong> in certain regions and departments around the world.<\/p>\nIn addition to internal challenges, Binance faces increasing regulatory pressure globally.<\/strong> In Brazil, a congressional committee has called for the impeachment of Binance CEO Changpeng Zhao and other executives, accusing them of carrying out fraudulent transactions and operating without proper authorization.<\/strong><\/p>\nMeanwhile, in the United States, the exchange is immersed in legal disputes<\/strong> with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Both agencies allege that Binance has violated federal laws with its operations.<\/p>\nDespite these challenges, Binance remains a dominant force in the cryptocurrency world, with total digital asset value amounting to $57 billion.<\/strong><\/p>\nHowever, the combination of fund outflows, executive resignations and regulatory issues raises questions about the future of this leading platform<\/strong> in the crypto ecosystem.<\/p>\n","protected":false},"excerpt":{"rendered":"In the last 24 hours, Binance, the leading cryptocurrency exchange by trading volume, has faced significant challenges.<\/p>\n","protected":false},"author":33,"featured_media":154978,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74,102,84],"tags":[4601,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/154971"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=154971"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/154971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/154978"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=154971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=154971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=154971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}