As a seasoned analyst with years of experience in the cryptocurrency market, I have seen my fair share of ups and downs, bull runs, and bear markets. However, the recent events involving Binance are particularly concerning to me, given my background in advocating for financial freedom and fairness.
In response to recent accusations, it’s been observed that a significant amount of Bitcoin and Ethereum have been withdrawn from Binance, the prominent cryptocurrency trading platform.
Based on information from Coinglass, approximately 51,398 Bitcoin (BTC) tokens were transferred off Binance within the last month. Notably, about 48,000 of these coins were withdrawn on Aug. 27, as numerous Palestinian users reported their assets being frozen on the platform.
Moreover, it’s worth noting that Binance, the leading cryptocurrency trading platform by volume, has seen approximately 275,200 Ethereum (ETH) tokens depart from its platform over the last month. In just the previous 24 hours, a significant amount of 86,486 ETH was withdrawn from the platform.
Approximately $3.7 billion worth of Bitcoin (BTC) and Ethereum (ETH) were withdrawn from Binance during the last month, as calculated at the time of reporting.
In spite of some withdrawals, information indicates that Binance remains the second-largest cryptocurrency holder, boasting a combined balance of approximately 566,113 Bitcoin and 3.44 million Ethereum. At present, Coinbase takes the lead with an estimated 824,887 Bitcoin and 4.44 million Ethereum, based on data from Coinglass.
A significant number of withdrawals occurred following Ray Youssef’s assertion that Binance took custody of the digital assets belonging to its Palestinian customers, as he was the co-founder and former CEO of the decentralized crypto trading platform Paxful.
According to Binance, a select group of users have been impacted as a result of their stringent anti-money laundering and counter-terrorism financing measures.
On platform X, numerous supporters of Palestine are circulating a fresh hashtag, #BoycottBinance. Some have gone as far as closing their Binance accounts and voicing disapproval over the exchange’s decision to restrict the funds of Palestinian users.
#BoycottBinance
— Ahmad (@AhmZaks) August 29, 2024
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2024-08-29 10:20