Billions of dollars have flowed out of Binance, one of the leading cryptocurrency exchanges in the world, as the industry struggles with the high-profile fallout of FTX.
Binance’s 24-hour net outflow hit $3 billion, according to a Dec. 13 tweet by blockchain data firm Nansen. The exchange reported more than $62.5 billion in disclosed holdings. During the past seven days, Binance has seen $8.78 billion in outflows and $5.12 billion inflows, bringing the total net outflow during the period to $3.66 billion.
“We saw some withdrawals today (net $1.14b-ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us. I actually think it is a good idea to ‘stress test withdrawals’ on each CEX on a rotating basis,” Binance CEO Changpeng Zhao said in a tweet on Dec. 13….