Users are reporting exit issues as cryptocurrencies are rapidly withdrawing from Binance. Binance withdrawals surged to $852 million in 24 hours amid regulatory woes, with users reporting delays in withdrawing cash.
CFTC sues Binance exchange and things get ugly
cryptocoin.comAs you follow, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance on March 27, accusing the exchange of multiple regulatory violations related to the operation of a noncompliant cryptocurrency exchange. CFTC Chairman Rostin Behnam told CNBC that Binance deliberately broke U.S. law while using a “direct and clear method” to access the American market.
According to Reuters, Binance users withdrew $1.6 billion after the CFTC’s court filing earlier this week, of which more than half, or $852 million, left the exchange in the past 24 hours. That’s more than double the average daily withdrawal rate of $385 million over the past two weeks.
Experts say there is nothing to be taken seriously!
Nansen Research Analyst Martin Lee says that although the last 24 hours have seen a higher-than-expected withdrawal rate due to regulatory action, this is still less than the withdrawal rates seen in December 2022, when fears about the exchange’s solvency were at their peak.
CryptoQuant CEO Ki Young Ji also notes that Binance processes billions of deposits and withdrawals every day. Young Ji included stock market reserve charts for Bitcoin and Ethereum in his post. The second of the charts shows a downtrend in reserves, while Binance’s Bitcoin balance is in an uptrend, resulting in a sharp rise this week. Young Ji continued by criticizing an article by The Wall Street Journal that reported that Binance had experienced $2 billion in Ethereum over the past seven days, calling it a ‘ridiculous FUD’.
Users are reporting withdrawal issues as cryptocurrencies are rapidly withdrawing
Meanwhile, a post on BinanceUS disclosed a cash withdrawal launched more than a week ago via the Automated Clearing House (ACH) network, which has yet to arrive. While the statement said that Binance customer service would not be able to provide precise information about the hold, others were also called in to share their experience of getting off the ramp at this time.
Several Reddit users have voiced similar issues, and one said the explanation given remains ‘in limbo’ with the funds payment processor. Another echoed this response, stating that customer service told them they were ‘working diligently with our payment processor’ to fix the delay. The user, nicknamed ParrotCapital, warned his followers to transfer cryptocurrencies and exit elsewhere.
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