About a day after a settlement with US authorities was announced, according to Nansen, Binance’s total holdings had climbed to over $65 billion.
Blockchain analytics company Nansen stated that withdrawals from the cryptocurrency exchange did not lead to a “mass exodus of funds” after Binance and CEO Changpeng “CZ” Zhao settled civil and criminal charges.
Nansen said that the exchange had seen a $956 million net outflow on Ethereum about 24 hours after the US Department of Justice announced a $4.3 billion settlement with Binance in a post on Nov. 22 on X (formerly Twitter). Nevertheless, Binance now has more than $65 billion in total holdings.
“Withdrawals are still occurring, and there isn’t a significant outflow of money,” Nansen stated. “Binance has previously handled larger amounts of outflow and negative netflow: Jun 2023 following the SEC’s lawsuit against Binance, Dec. 2022 following reports of insolvency, and the immediate.
Nansen stated that Tether holdings USDtickers downward One dollar had ropped by almost $246 million on Binance over the previous 24 hours, which was the biggest drop. However, XRP holdings XRP tickers downward 0.61 and TrueUSD (TUSD), per the company, “remain steady.”
The report came after turmoil at Binance on Nov. 21, when the company struck a plea agreement with US officials from the Department of Justice, the Department of Treasury, and the Commodities Futures Trading Commission, enabling the exchange to carry on with regulatory oversight. CZ announced his resignation as CEO, and Richard Teng, global head of regional markets at Binance, took over.
On November 22, Teng stated that after the DOJ deal and a change in leadership, Binance’s fundamentals were “very strong.” The U.S. Securities and Exchange Commission is still suing the company.
