December 8, 2023

Binance users withdrew more than $1 billion from the exchange in a day

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Binance users withdrew more than $1 billion from the exchange in one day

Against the backdrop of the US Commodity Futures Trading Commission's (CFTC) accusations against the largest crypto exchange Binance, exchange clients withdrew about $1 billion from their accounts.

The CFTC presented to the trading platformcivil lawsuit alleging violations of US commodity laws and aiding in the circumvention of user identification procedures and the potential laundering of illicit funds.

According to Thanefield Capital,In the twelve hours leading up to the CFTC's indictment, approximately $850 million in cryptocurrency was withdrawn from Binance. Then, about an hour after the lawsuit was published, another $240 million left the exchange.

Nansen analysts report thatday after the CFTC filed a lawsuit, more than $400 million was withdrawn from the platform. In total, the reaction of users to possible repression by the regulator against the Binance exchange was the withdrawal of more than $1 billion in cryptocurrency.

Binance CEO Changpeng Zhao(Changpeng Zhao), commenting on the CFTC's accusations, stated that the lawsuit filed by the regulator in the court of the Northern District of Illinois has no basis for the claims. According to him, the exchange “does not try to make a profit at any cost and never manipulates the market.”