• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Users withdraw en masse from Binance due to the Paxos-BUSD crackdown

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Hong Kong cryptocurrency exchange Hounax scammed users out of $15.4 million

Hong Kong cryptocurrency exchange Hounax scammed consumers out of $15.four million

November 27, 2023
New CEO Richard Teng wants to turn Binance into "a normal financial company"

New CEO Richard Teng desires to flip Binance into “a normal financial company”

November 27, 2023

The biggest cryptocurrency exchange on the planet Binance has expert a significant consumer withdrawal amounting to $831 million in the previous 24 hrs.

Users withdraw en masse from Binance soon after Paxos-BUSD crackdown

Binance continues to encounter a surge in withdrawals

According to the Blockchain Intelligence Unit nansenthere was an estimated net outflow of $831 million from Binance in the final 24 hrs.

Specifically, end users withdrew roughly $two.eight billion in digital assets the former day, nicely over the $two billion in deposits in the identical frame.

The outflow of dollars from Binance continues to reflect the concern of foreign exchange reserves. According to Nansen

This is also the biggest volume of dollars outdoors of Binance given that final November when FTX went bankrupt and the minute FUD circled the floor in December 2022. At that time, net movement (Netflow), the big difference concerning the volume of assets getting into/depositing (Inflow) and leaving/withdrawing (Outflow) from Binance it reached $902 million in 24 hrs.

Now, panic continues to prevail amid traders soon after the crackdown on the stablecoin Binance USD (BUSD) issued by Binance in partnership with Paxos given that 2019.

As Coinlive reported, the New York Department of Financial Services ordered Paxos to quit printing new BUSDs, soon after the US Securities and Exchange Commission (SEC) sent a recognize getting ready to prosecute the stablecoin as a “masked titles”. Originally known as Binance, BUSD is at this time the third-biggest stablecoin by industry capitalization, accounting for 35% of complete trading volume on the world’s biggest cryptocurrency exchange.

Binance’s reserves are the moment once again “tested”.

The regulatory action is severely hurting the exchange as BUSD is the biggest asset in Binance’s reserves (at about $13.four billion) soon after Tether’s USDT, Nansen reflected. This stake represents 22% of the $60 billion in assets on Binance.

$three billion of BNB accounts for almost five% of the exchange’s complete assets, even though Arkham Intelligence estimates the figure to be significantly increased, maybe as higher as $six.9 billion.

Additionally, there is a stream that the latest crackdown is paving the way for key stablecoins to re-set up a new buy.

Since the FTX bankruptcy, Binance has been at the forefront of offering proof of consumer assets and launching an marketplace-broad motion. Binance claims to usually make certain the security of additional than $70 billion of consumer assets. In response to a query about the debt audit report, Binance CEO Changpeng Zhao mentioned that the exchange “owes nothing to anyone.”

However, until eventually the finish of 2022, Binance was hit with a string of negative information, when there have been allegations of dollars laundering and sanctions violations by US authorities. Prior to this information, numerous men and women from huge institutions have been rushed to withdraw their money, primary to the BUSD staying depegged and Binance halting USDC withdrawals due to lack of liquidity. However, later on appearing in an AMA, Mr. Zhao nonetheless calmly mentioned that this is a regular industry response, Binance is nonetheless financially solid to manage any damaging developments.

Synthetic currency68

Maybe you are interested:

Maybe you are interested:

Tags: BinancecrackdownduemassePaxosBUSDuserswithdraw
Share76Tweet47

Related Posts

SEI Price Surges 41% Amid Market Rally

by shark
June 25, 2025
0

SEI Network sees a 41% increase as broader crypto markets rise, driven by technical factors.

Schiff Proposes COIN Act Targeting Trump’s Crypto Ventures

by shark
June 25, 2025
0

Lawmaker Adam Schiff announced the COIN Act targeting Donald Trump's crypto activities following reports of his $57 million revenue from...

Circle’s Post-IPO Valuation Surpasses $66.9 Billion Mark

by shark
June 25, 2025
0

Circle's market capitalization surged post-IPO, driven by investor confidence and the GENIUS Act, highlighting regulatory impact on stablecoin issuers.

Circle’s Market Cap Surges to $63.89 Billion

by shark
June 25, 2025
0

Circle, led by CEO Jeremy Allaire, reaches a market capitalization of $63.89 billion following its latest IPO and U.S. regulatory...

Senator Schiff Proposes COIN Act Limiting Presidential Crypto Activities

by shark
June 25, 2025
0

Senator Adam Schiff introduces COIN Act to restrict U.S. leaders' crypto engagements, targeting ethical concerns.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • SEI Price Surges 41% Amid Market Rally
  • Unstaked’s $1 Million Giveaway Shines as XRP Wavers and SKY Climbs
  • BCH and HBAR Stall at Key Levels While Web3 ai Presale Surges Past $8.5M
  • Schiff Proposes COIN Act Targeting Trump’s Crypto Ventures
  • Circle’s Post-IPO Valuation Surpasses $66.9 Billion Mark
  • $410K from $20K? Arctic Pablo, Turbo, Moo Deng Lead Top Meme Coins to Invest in June 2025
  • Circle’s Market Cap Surges to $63.89 Billion
  • Analysts Say Qubetics Has 100x Potential While BNB and Solana Tread Water: All Top Coins to Join Today
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7