More than $1 billion was withdrawn from Binance in one day

Over the last 24 hours, from November 21 to November 22, 2023, the outflow of capital from the Binance exchange amounted to $1.01 billion, according to DeFiLlama. About $67.7 billion in crypto assets remains in the company’s accounts.

Indicator of capital inflow/outflow from crypto exchanges. Source: DeFiLlama.

It is noteworthy that, according to the portal, during the week the net outflow of capital from the platform amounted to $703.13 million, which is significantly less than the daily figure.

On the evening of November 21, Nansen analysts noted that $45 million was withdrawn from Binance in just an hour:

Since our first update on @binanceit appears that users are withdrawing funds from the exchange based on market rumors

Netflow has gone from -$10K to -$45M over the past hour (Ethereum only)https://t.co/SikCRA6zl2 pic.twitter.com/cShuIJ76DN

— Nansen 🧭 (@nansen_ai) November 21, 2023

Experts later confirmed that capital outflow from the platform exceeded $1 billion:

Over $1B in value has left Binance since the news of @cz_binance‘s departure. This is a combination of prices dropping and liquidity leaving

However, there remains $65B in Binance’s control at the time of writing. This isn’t the first time Binance has dealt with large outflows pic.twitter.com/2hvoKwGL9y

— Nansen 🧭 (@nansen_ai) November 21, 2023

Of the indicated $1.01 billion, the majority is accounted for by the BNB token – $605.9 million, according to Nansen. By the end of the day on November 21, the asset dropped by almost 10%. He later rolled back. At the time of writing, the token is trading at $235, according to TradingView.

The surge in capital outflows, as well as the drop in the value of BNB, comes amid news that Binance will pay a $4.3 billion fine and its former CEO Changpeng Zhao pleaded guilty to violating the Bank Secrecy Act.