April 25, 2024

Nansen: Binance is rapidly losing customer deposits

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Nansen: Binance is rapidly losing customer deposits

Analysts at Nansen report that about $3 billion has been withdrawn from Binance in the past 48 hours.User activity is associated with the "temporary suspension" of withdrawals in USDC stablecoins.

Cryptocurrency exchange Binance has recorded a net outflow of client assets on Ethereum worth about $2 billion over the past 24 hours.According to data from analytics platform Nansen, this is the highest daily withdrawal from a cryptocurrency exchange since June.


The day before, CoinDesk reported that last Monday, Binance recorded an outflow of funds in the amount of $902 million.Thus, in 2 calendar days, users of the Binance cryptocurrency exchange withdrew crypto assets worth about $3 billion.

"Withdrawals from Binance are increasing due to growing uncertainty over its reserve report," Nansen said in a report.

A Binance spokesperson said that negative news published in the media is used to dubiously manipulate the prices of crypto assets, and the exchange has always had "more than enough assets" to accommodate any withdrawal requests.

"All user assets on Binance are backed 1:1, and Binance's capital structure is free ofdebts," the exchange said.

Previously, Binance suspended the withdrawal of stablecoinsUSDC and advised clients to use other stablecoins until American banks through which the exchange converts the cryptocurrency open. The overall picture of what is happening is complemented by data from the Coinglass analytical platform that the balance of bitcoins on Binance has decreased to 30,000 BTC.