April 25, 2024

Binance Loses $12 Billion in Assets Due to User Withdrawals

UsersBinancewithdrew a total of $360 million on Friday, according to the latest statistics.Binance Coin (BNB) lost 29% of its valuevalue for the last two months. Despite the recovery of cryptocurrency markets after the death of the FTX exchange, the situation with the withdrawal of funds from Binance has not yet returned to normal. According to a recent Forbes report, Binance has lost $12 billion in assets as users continue to withdraw money from the exchange. Binance, a leading cryptocurrency exchange, is currently having difficulty maintaining its assets. Investors are selling their cryptocurrencies after the collapse of a rival exchangeftx,and despite CEO Changpeng Zhao's (CZ) claims that the situation has calmed down, outflows are now accelerating.

Defillama, a cryptocurrency data company, revealed that Binance customers withdrew a net $360 million on Friday. In addition, in December another companyNansen, dealing with cryptocurrency statistics, reported,that the platform had lost $3 billion in the previous week, which equaled 4% of the company's total assets at the time. According to a Forbes study, Binance lost 15% of its assets. However, in less than two months, about 25% of Binance's assets left the exchange.

Is the price of Binance tokens decreasing?The performance of Binance Coin (BNB) and Binance USD (BUSD), the exchange's native tokens, is the best indicator of investor distrust. According to Forbes, BNB has lost 29% of its value over the past two months, leaving Binance with 29 million tokens left on it, which is 51% less than what the exchange announced on November 10. At the same time, stablecoin stocksBUSDfell by 40%.The trading platform has suffered from a nearly year-long decline in digital assets, although it is still the largest cryptocurrency exchange by volume. According to Nomics, their BNB token is down more than 37% compared to a year ago. In addition, Forbes estimates that the exchange lost about $3 billion a year as a result of stopping charging fees for spot trading of Bitcoin (BTC) when its price fell.