The on-chain analytics platform CryptoQuant has been the subject of controversy recently. Binance shared important information about He underlined that, according to the CEO, the stablecoin reserve of the exchange is not what it looked like before the FTX crash.
As Koinfinans.com reported, Binance exchange was investigated for ‘money laundering’. Ki Young Ju shared his comments on the subject on Reuters.
The resulting investigation news had an impact on the exchange’s crypto reserves. CEO Changpeng Zhaoconfirmed the exchange’s $1.14 billion withdrawal request on Tuesday. However, he commented that this situation would not be considered abnormal.
“Things seem to have stabilized. It wasn’t the highest withdrawal we’ve ever processed, nor is it even in the top 5. We traded more during the LUNA or FTX crashes. Now the deposits are coming back.”
Ki Young Ju of Binance stablecoin commented that its reserves looked fundamentally different from FTX’s in November.
“FTX reserve does not look organic due to the large number of entries/exits related to non-FTX wallets and the reserve has dropped -93% a few days before the bank operation.”
Young Ju noted that Binance’s Bitcoin (BTC) and Ethereum (ETH) reserves also appear normal.
“People ask me if Binance is good. BTC reserves have dropped 8% in the last two days but last month FTX increased by 24% at the time of its collapse. There are things that need to be clarified for regulation, but for now there does not appear to be any questionable activity on-chain.”
Crypto analytics firm Santiment has found that Binance rumors dominate social media posts.
“24% of all crypto platform conversations revolve around FUD rumors about Binance. AP ArchPublic reported that executives ‘run away’ and alleged money laundering fears. Read our review of how the crowd is reacting.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.