{"id":154971,"date":"2023-10-20T14:32:58","date_gmt":"2023-10-20T14:32:58","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=154971"},"modified":"2023-11-16T18:32:26","modified_gmt":"2023-11-16T18:32:26","slug":"binance-experiences-massive-withdrawals-of-over-1-3-billion-in-24-hours","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-experiences-massive-withdrawals-of-over-1-3-billion-in-24-hours\/","title":{"rendered":"Binance Experiences Massive Withdrawals of Over $1.3 Billion in 24 Hours"},"content":{"rendered":"<p style=\"text-align: justify\">In the last 24 hours, Binance, the leading cryptocurrency <a href=\"https:\/\/crypto-economy.com\/cryptocurrency-exchange\/\" target=\"_blank\" rel=\"noopener\">exchange<\/a> by trading volume, has faced significant challenges.<\/p>\n<p style=\"text-align: justify\"><!--more--><\/p>\n<p style=\"text-align: justify\">More than <strong>$1.4 billion in funds have left the platform<\/strong>, according to official data from <a href=\"https:\/\/crypto-economy.com\/defillama-review\/\" target=\"_blank\" rel=\"noopener\">DeFiLlama <\/a>and its CEX Transparency analysis, adding to a host of issues the company is currently facing.<\/p>\n<p style=\"text-align: justify\">The bulk of these withdrawals comprise <strong>$878 million in stablecoin Tether (USDT)<\/strong> and <strong>$167 million in Bitcoin (BTC)<\/strong>. However, other cryptocurrencies such as <strong>Solana (SOL)<\/strong>, <strong>Tron (TRX)<\/strong>, <strong>BUSD<\/strong>, and <strong>XRP<\/strong> have also seen significant outflows.<\/p>\n<p style=\"text-align: justify\">While this decrease in funds is notable, it falls short of the <strong>$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><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-154977 aligncenter\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/Grandes-Inflows-en-Binance.jpg\" alt=\"Big Inflows on Binance\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/Grandes-Inflows-en-Binance.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/Grandes-Inflows-en-Binance-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/10\/Grandes-Inflows-en-Binance-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2>A SERIES OF INTERNAL CHANGES AT BINANCE AND REGULATIONS<\/h2>\n<p style=\"text-align: justify\">The <strong>resignation of several high-level executives<\/strong> has shaken the company. St\u00e9phanie Cabossioras, director of Binance&#8217;s French subsidiary, is the latest to leave her position.<\/p>\n<p style=\"text-align: justify\">His resignation<strong> 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>\n<p style=\"text-align: justify\">The constant departure of executives <strong>raises questions about the stability of leadership at the company<\/strong> in certain regions and departments around the world.<\/p>\n<p style=\"text-align: justify\">In addition to internal challenges, <strong>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, <strong>accusing them of carrying out fraudulent transactions and operating without proper authorization.<\/strong><\/p>\n<p style=\"text-align: justify\">Meanwhile, in the United States, <strong>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>\n<p style=\"text-align: justify\">Despite these challenges, Binance remains a dominant force in the cryptocurrency world, <strong>with total digital asset value amounting to $57 billion.<\/strong><\/p>\n<p style=\"text-align: justify\">However, the combination of fund outflows, executive resignations and regulatory issues <strong>raises questions about the future of this leading platform<\/strong> in the crypto ecosystem.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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}]}}