Binance Sees $1B Outflow Post CZ Resignation Amid US Legal Woes
Binance, the world's largest cryptocurrency exchange, has experienced a substantial outflow of over $1 billion within 24 hours. This development comes in the wake of Binance’s founder and CEO, Changpeng Zhao (CZ), stepped down and even had a tête-à-tête with the Department of Justice.
What's Behind the Binance Outflow?
The Binance outflow, primarily consisting of Bitcoin and stablecoins, surged following CZ’s announcement of resignation. This information Binance, the world’s largest crypto exchange, saw a significant uptick in withdrawals during news that its founder pleaded guilty to criminal charges in the U.S. Data
CZ's Resignation and Guilty Plea: A Catalyst for Outflow
On November 21, Binance CEO Changpeng “CZ” Zhao resigned from his position after pleading guilty to Anti-Money Laundering law violations. Following his Binance’s Outflow Crosses $1 Billion. As news broke of Changpeng Zhao’s guilty plea and resignation, the cryptocurrency community responded swiftly. Meanwhile, the latest data from
$1 Billion Outflow: Users Seek Safety Amidst Uncertainty
In an unsettling 24-hour span, the cryptocurrency exchange titan, Binance, experienced a substantial net outflow amounting to more than $950 million. This occurrence Crypto exchange Binance saw over $950 million in net outflows over the past 24 hours as it was hit with criminal charges in the U.S, and founder Changpeng ‘CZ’
Nansen Data Confirms Significant Binance Outflow
To avoid risks, some users transferred their assets out of Binance. Five hours after the news of CZ’s resignation was reported, Nansen monitored that the outflow of funds from Binance Binance outflow $1 billion over the last 24 hours. In a turbulent 24-hour period, Binance, the leading cryptocurrency exchange, witnessed a substantial net outflow after its CEO's resignation.