Binance is seeing significant outflows from its exchange following the earlier news of the U.S. DoJ charging the leading exchange with three major crimes. , a blockchain analytics firm, reported a noticeable outflow from the exchange, as investors are withdrawing funds. Specifically focusing on the Ethereum ERC-20 network, Nansen observed a startling increase in net outflows, escalating from $10,000 to a staggering $45 million within just an hour.
Since our first update on , it appears that users are withdrawing funds from the exchange based on market rumorsNetflow has gone from -$10K to -$45M over the past hour (Ethereum only)
— Nansen 🧭 (@nansen_ai)
More details about Binance’s charges are set to be revealed today, as the DoJ is holding a press conference. So far, we know that the platform’s CEO Changpeng Zhao has agreed to plead guilty and step down from his role. The exchange will also pay over $4 billion in penalties, as a part of the settlement.
Binance’s own cryptocurrency, BNB, along with various lesser-known digital currencies, experienced a downturn. BNB, integral to both the Binance platform and its associated BNB Chain blockchain, saw a decline of nearly 7% following the news. Concurrently, other cryptocurrencies like Solana and Polygon also suffered losses, dipping by around 5% and 8%, respectively.
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