DefiLlama data showed that 24-hour outflows on Binance exceeded $1 billion, and the net outflow from the exchange over 7 days was $703.1 million. Of the total outflows on Binance, $605.9 million came from Ether, BNB, Avalanche, Fantom and Polygon , according to data provided by the Nansen platform.
The withdrawal of funds began after Binance co-founder Changpeng Zhao pleaded guilty to violating the Bank Secrecy Act and resigned as the company’s CEO. Binance has appointed Richard Teng as CEO.
As part of the plea deal, Zhao agreed to pay a $50 million fine. Binance will also pay a $4.3 billion fine as the company pleaded guilty to multiple charges, including money laundering, conspiracy to operate an unlicensed money transmitting business and violation of sanctions.
Matrixport analyst Markus Thielen said that the conclusion of an agreement between the CEO of Binance and the US authorities will strengthen confidence in the crypto industry.
Source: Bits
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