Nansen analysts state: the settlement of civil and criminal charges brought by the US authorities against the world’s largest crypto exchange Binance and its CEO did not lead to a noticeable flight of capital from the cryptocurrency platform.
Within 24 hours after the US Department of Justice announced that Binance had agreed to pay a fine of $4.3 billion and the resignation of Changpeng Zhao as CEO, the exchange experienced a one-time net capital outflow of $956 million. However, in the last 12 hours, the situation completely stabilized, and Binance’s total assets increased from $64 billion to more than $65 billion.
Nansen experts note: at least as of Thursday, November 23, there are no signs of a massive outflow of capital from the accounts of the cryptocurrency exchange that controls more than 50% of the market.
According to Nansen’s report, against the backdrop of the events that took place, site users showed mixed reactions. Investments in top stablecoins decreased: USDT, USDC and BUSD, by $246 million, $39 million and $11 million, respectively. Binance’s bitcoin holdings decreased by $76 million. At the same time, assets in ETH increased by $196 million, BNB by $97 million, AETH by $59 million. Investors in SOL, LINK, SHIB and MATIC brought an additional $90 million into the exchange.
In his first message to users, new Binance CEO Richard Teng assured customers of the exchange’s strong financial health and said he was committed to maintaining Binance’s role as the world’s largest cryptocurrency marketplace.
