Crypto analytics firm Nansen reported that large amounts of AVAX and many altcoins have left the exchange following the US regulators’ move towards Binance.
$852 million worth of AVAX, FTM, ETH, MATIC, BNB withdrawn
According to Nansen, the world’s largest exchange by trading volume, several altcoins are also losing funds, including ETH, Polygon (MATIC), Binance Coin (BNB), Avalanche (AVAX) and Fantom (FTM). Nearly $852 million net outflow from Binance in the last 24 hours.
Nansen also reported that on December 13 last year, Binance saw a net outflow of $3 billion in one day. ETH and many altcoins are again leaving the leading exchanges, including Ethereum, Polygon, BNB Chain, Avalanche, Fantom tokens, following the accusations of US regulators against Binance.
Binance’s altcoin reserves
According to Nansen, Binance currently has a large reserve of altcoins valued at over $62 billion. According to the analytics firm’s report:
Binance has more than $63.2 billion in assets in its disclosed wallets, including: $19 billion USDT, $14.5 billion BTC, $7.5 billion ETH, $7.1 billion BUSD, $3.2 billion BNB, and others there is.
Binance lawsuit results in massive AVAX and ETH exit
The $852 million fund outflow reported by Nansen came within 24 hours after the US regulator CFTC accused Binance and its CEO, Changpeng Zhao, of a long list of violations.
In a press release from the CFTC, Chairman Rostin Behnam said that Binance knowingly violated the CFTC rules and avoided compliance. Responding to the complaint in a post on his company blog, Zhao stated that he “didn’t agree with the characterization of many of the alleged issues.”
The Financial Times claims that Binance is secretly operating in China
British broadcaster Financial Times has published a report alleging that crypto exchange Binance has clandestine ties to the Chinese government. According to the report, a number of Chinese citizens who run Binance’s offices in China have close ties with the Chinese government and other local powers. Also, the report stated that Binance continues to offer its services to its customers in China, despite China’s cryptocurrency ban.
The report claims that Binance CEO Changpeng Zhao (CZ) has numerous business partners and connections in China. However, CZ denied the FT’s claims and said its offices in China are merely a research and development centre. cryptocoin.com We have included the details of their explanations in this article.
The FT also claimed that employees at Binance’s India office directed customers to offices in China and had them open an account there. However, Binance is reported to have purchased cryptocurrency mining equipment before it was banned by the Chinese government. Binance described the FT’s claims as “irresponsible” and “false”. However, the report comes at a time when Binance is under increasing pressure from regulators around the world.
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