Binance Experiences Significant Bitcoin, Ethereum, and Stablecoin Outflows – Over $420 Million Worth of BTC Withdrawn
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According to the latest data, Binance, the world’s largest cryptocurrency exchange, experienced significant Bitcoin, Ethereum, and stablecoin outflows. Over the past 68 hours, around 15,438 bitcoins, worth more than $420 million, have been withdrawn from the Binance exchange.
Binance Faces Challenges as SEC Lawsuit Triggers Significant Crypto Outflows
Binance has been facing some challenges lately. It should be noted that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and requested the freezing of Binance US’s assets. As a result, Binance has seen a significant amount of Bitcoin, Ethereum, and stablecoins being withdrawn from the platform.
Binance: Overcoming Challenges with Impressive Trade Volume
As mentioned earlier, Binance has witnessed a significant outflow of cryptocurrencies from its platform. Over the last 68 hours, 15,438 bitcoins, valued at over $420 million, have been withdrawn from the exchange. Despite facing these challenges, Binance remains a popular and widely-used platform for cryptocurrency trading.
This can be witnessed by the fact that Binance recorded an impressive 24-hour trade volume worldwide, reaching a remarkable $10.30 billion on June 6, 2023. This substantial trading activity can be attributed to the BTC/USDT and BTC/TUSD trading pairs, which greatly contribute to Binance’s overall trading volume, as reported by coingecko.com.
Despite the recent outflow of bitcoins, Binance continues to thrive as a highly trusted and preferred exchange, reflecting traders’ continued trust and engagement.
Binance Withdrawals and Balances Update: June 3, 2023
As of June 3rd, Binance held approximately 4.441 million ether (ETH). However, since that time, approximately 157,218 ETH has been withdrawn from the exchange, resulting in a remaining balance of around 4.28 million ETH. The value of the withdrawn ETH is estimated to be around $296 million.
Moreover, a significantly larger amount of stablecoin assets, totaling $742.47 million, has been withdrawn from Binance.
A substantial amount of assets, worth approximately $1.45 billion, has been withdrawn from the exchange. This includes $420 million in BTC, $296 million in ETH, and $742 million in stablecoins. Notably, Binance’s “Binance Cold Wallet” currently maintains the largest number of bitcoins, with a balance of 248,597 BTC.
Throughout 2023, no significant changes in the cold wallet’s balance have occurred. However, a transfer of 2,000 BTC took place on January 7th.
