- Binance has seen outflows amounting to more than $1 billion in the past 24 hours, not including bitcoin, according to data from blockchain analysis firm Nansen.
- Founder and CEO Changpeng Zhao and others were charged with violating the Bank Secrecy Act by failing to implement an effective anti-money-laundering program and for willfully violating U.S. economic sanctions.
- Binance agreed to forfeit $2.5 billion to the government and pay a fine of $1.8 billion — a combined $4.3 billion — in “one of the largest penalties we have ever obtained,” according to U.S. Attorney General Merrick Garland.
Binance cofounder and CEO Changpeng Zhao speaks during the 2022 Web Summit in Lisbon, Portugal, on Nov. 1, 2022.
Ben Mcshane | Sportsfile | Getty Images
Outflows from Binance have amounted to more than $1 billion in the past 24 hours, not including bitcoin, according to data from blockchain analysis firm Nansen, after founder and CEO Changpeng Zhao stepped down and pleaded guilty Tuesday in a deal with the Department of Justice.
Meanwhile, liquidity has dropped 25% over the same time frame as market makers pull back their positions, according to data provider Kaiko.
The outflows are significant and close to what happened previously when the exchange and its founder were charged with 13 securities violations by the SEC.
The exchange’s native token, BNB, is down more than 8% in the last 24 hours. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. And in March,…
