{"id":157239,"date":"2023-11-22T12:41:02","date_gmt":"2023-11-22T12:41:02","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=157239"},"modified":"2023-11-23T01:14:43","modified_gmt":"2023-11-23T01:14:43","slug":"binance-suffers-more-than-1-billion-in-outflows-following-czs-resignation","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-suffers-more-than-1-billion-in-outflows-following-czs-resignation\/","title":{"rendered":"Binance Suffers More Than $1 billion in Outflows Following CZ’s Resignation"},"content":{"rendered":"
In the last 24 hours, Binance<\/a>, the world’s leading cryptocurrency exchange, has witnessed significant financial movement with over $1 billion in net fund outflows.<\/strong><\/p>\n <\/p>\n This event arose from the fact that the founder and CEO of Binance, Changpeng Zhao, had to face several criminal charges in the United States.<\/strong><\/p>\n Data provided by DefiLlama<\/a> reveals that Binance’s capital outflows surpassed the $1 billion mark around 3:30 p.m. Hong Kong time last Wednesday. This outflow adds up to a considerable amount of $703.1 million over a 7-day trajectory.<\/strong><\/p>\n These financial movements come after Zhao’s admission of guilt for violating the Bank Secrecy Law<\/strong>, followed by his resignation as CEO of the company.<\/strong><\/p>\n As part of the settlement, Zhao has agreed to pay a fine of $50 million<\/strong>, while the company faces a penalty of $4.3 billion<\/strong> for crimes including money laundering, conspiracy to conduct unlicensed money transmission business, and sanctions violations.<\/p>\n The market reaction has taken a slight hit with Binance’s native cryptocurrency, BNB, recording a 9.5% drop,<\/strong> trading at $233.2 according to data from CoinMarketCap<\/a>.<\/p>\n Furthermore, other exchanges such as OKX, Bybit and Bitstamp, during the same period, have experienced net inflows,<\/strong> suggesting a transfer of funds from Binance to these alternative platforms, as expected in reaction to the news.<\/p>\nBinance has appointed Richard Teng as its new CEO<\/h2>\n