CRYPTO EXCHANGE BINANCE SAYS ITS SYSTEMS ARE UNDER STRESS FULL
The full extent of the outflows may have been higher than reported, since the Nansen data includes withdrawals of Ethereum and stablecoins but not Bitcoin.
The spur for the withdrawals was likely a report published Monday that claimed factions in the Justice Department are pushing aggressively to file criminal charges related to sanctions violations and money laundering against Binance and its CEO. It began when the analytics firm Nansen published data to show customers cashed out around $3.6 billion worth of assets over seven days from Binance, including almost $2 billion in a single day. While this week’s news cycle has been consumed by Bankman-Fried, and crypto-related testimony in Washington, D.C., a fresh drama about Binance played out quietly in the background. Nonetheless, the company and its CEO are under scrutiny like never before-and the next few months will determine whether Binance has a long-term future. In a memo to staff, he wrote that the industry is undergoing an “historic moment” and that the next few months would be “bumpy,” but assured them that Binance “will survive any crypto winter.” Zhao acknowledged this week that the company and crypto more broadly are enduring a tough stretch.
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