of the CFTC Binance In addition to accusing the stock market of violating US laws, Forbes’s comparison of the stock market to FTX resonated in the industry. Despite all the allegations, on-chain data continues to be heartwarming.
Blockchain analytics firm nansenAccording to data from Binance, its portfolio currently has $64 billion in assets. USDT, BTC, ETH, BUSD and BNB are among the biggest assets of the exchange. These assets make up about 81% of the total balance of the leading cryptocurrency exchange.
Reserves are one of the most critical details of Binance’s asset support and strength. This could help mitigate exits, as some fear a repeat of FTX’s collapse. The exchange recorded over $600 million in client token outflows as of Wednesday, but that figure is a relatively low number after BUSD-issued Paxos filed suit with the U.S. Securities and Exchange Commission earlier this year. At that time, Binance had withdrawn over $2 billion in a single day.
Fundstrat analyst Walter Teng told CoinDesk on Twitter: US Commodity Futures Trading CommissionHe said his latest allegations against Binance and its founder, Changpeng Zhao, “must have been a slap on the wrist.”
Binance customers are flocking to leave the stock market after the latest developments and allegations.
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