- $360 million was cashed out from Binance on the 6th of January.
- The platform shares the expertise to minimize and eradicate illegal activities.
Changpeng Zhao (CZ), CEO of the world’s largest cryptocurrency exchange has expressed his regrets about the media and their reporting. As mentioned in his tweet, the crypto-related publications delivered detailed reporting about the outflow of funds from Binance during the month of December 2023. But he considers the media is negligent in coverage of the inflow and reverts back of funds.
A friend told me what media is suppose to but NOT covering.
The biggest bank runs in crypto in Dec.
$~15 billion was withdrawn from #Binance in a few days.
$~7 billion was cashed out at Paxos (BUSD issuer).
And no issues. 🤷♂️
(now all came back, plus some) 🙏
— CZ 🔶 Binance (@cz_binance) February 5, 2023
During the last week of December and the start of January, the CEX witnessed more outflow. Defillama, a crypto data firm mentions, Binance users have withdrawn over $360 million on the 6th of January. And the exchange considered it to be “Business as usual”. Binance also stabilized the situation by the end of the month.
At present, the exchange holds over $57 billion worth of assets which is “plus some” to the funds that outflowed. Additionally, the exchange also gained regulatory approval in first and second-world countries. To name a few, Ecuador, Chile, Costa Rica, and so on.
Binance community members are determined by the fact of the exchange’s contribution to bringing positive change in the crypto ecosystem. The platform shares the expertise to minimize and eradicate illegal activities. Along with educating about the backend blockchain technology.
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