The outflows on Binance reflect the legal tussle facing the crypto exchange.
Recently, Binance experienced outflows exceeding $1 billion within a day.
The latest data compiled by CryptoQuant has highlighted a
notable movement in Bitcoin reserves between Binance and Coinbase. The report revealed a decrease of 5,000 BTC in Binance's reserves and an
increase of around 12,000 BTC in Coinbase's holdings.
Analysts have attributed this trend to retail outflows
from Binance, likely prompted by the legal concerns surrounding the
exchange. According to Bradley Park, a Web 3 analyst at CryptoQuant, as quoted by Coindesk, Binance's decreasing Bitcoin reserves are attributed to retail investors moving funds to compliant or licensed exchanges.
Resignation, Settlement, and Market Turmoil
Following the resignation of Changpeng Zhao and his
admission of guilt in a deal with the Department of Justice (DOJ), Binance
experienced outflows exceeding $1 billion within a day, according
to the blockchain firm Nansen, as quoted by CNBC. Additionally, market liquidity
decreased 25% as market makers scaled back their positions.
The DOJ's settlement with Binance, amounting to a record $4.3 billion, included an agreement to forfeit $2.5 billion and a fine
amounting to $1.8 billion against the crypto exchange. The agreements entailed exit from US markets by the company, financial remittances, and stringent compliance measures.
Notably, Binance's native token, BNB, faced a decline of
8% on the day the settlement was reached. Despite this
significant drop, Binance retains assets surpassing $65 billion on its
platform.
Binance Faces Legal Battles, Settlements, and SEC's Charges
In August, federal prosecutors sought extensive records associated with Zhao as part of
an ongoing probe into potential violations of US financial crime laws. Primarily, these allegations revolve around Binance's purported breach of the Bank
Secrecy Act by allowing transactions involving sanctioned individuals, among other regulatory concerns.
According to a report by Finance Magnates, the
settlement between the DoJ and Binance requires the exchange to remit $3.8
billion to the Financial Crimes Enforcement Network and $968 million to the
Office of Foreign Asset Control.
Simultaneously, an agreement with the Commodity Futures Trading Commission will see
Binance Holdings return $1.35 billion in alleged illicitly acquired funds and
pay $1.35 billion in civil penalties. Additionally, Zhao and Binance's Former Chief Compliance Officer, Samuel Lim, face substantial fines in relation to the settlement with the CFTC.
Meanwhile, the Securities and Exchange Commission
escalated its confrontation with Binance this year, bringing 13 charges against
the exchange, affiliated entities, and Zhao. The allegations include running
unregistered exchanges, offering unregistered crypto assets, and Zhao's alleged
control of Binance.US.
The latest data compiled by CryptoQuant has highlighted a
notable movement in Bitcoin reserves between Binance and Coinbase. The report revealed a decrease of 5,000 BTC in Binance's reserves and an
increase of around 12,000 BTC in Coinbase's holdings.
Analysts have attributed this trend to retail outflows
from Binance, likely prompted by the legal concerns surrounding the
exchange. According to Bradley Park, a Web 3 analyst at CryptoQuant, as quoted by Coindesk, Binance's decreasing Bitcoin reserves are attributed to retail investors moving funds to compliant or licensed exchanges.
Resignation, Settlement, and Market Turmoil
Following the resignation of Changpeng Zhao and his
admission of guilt in a deal with the Department of Justice (DOJ), Binance
experienced outflows exceeding $1 billion within a day, according
to the blockchain firm Nansen, as quoted by CNBC. Additionally, market liquidity
decreased 25% as market makers scaled back their positions.
The DOJ's settlement with Binance, amounting to a record $4.3 billion, included an agreement to forfeit $2.5 billion and a fine
amounting to $1.8 billion against the crypto exchange. The agreements entailed exit from US markets by the company, financial remittances, and stringent compliance measures.
Notably, Binance's native token, BNB, faced a decline of
8% on the day the settlement was reached. Despite this
significant drop, Binance retains assets surpassing $65 billion on its
platform.
Binance Faces Legal Battles, Settlements, and SEC's Charges
In August, federal prosecutors sought extensive records associated with Zhao as part of
an ongoing probe into potential violations of US financial crime laws. Primarily, these allegations revolve around Binance's purported breach of the Bank
Secrecy Act by allowing transactions involving sanctioned individuals, among other regulatory concerns.
According to a report by Finance Magnates, the
settlement between the DoJ and Binance requires the exchange to remit $3.8
billion to the Financial Crimes Enforcement Network and $968 million to the
Office of Foreign Asset Control.
Simultaneously, an agreement with the Commodity Futures Trading Commission will see
Binance Holdings return $1.35 billion in alleged illicitly acquired funds and
pay $1.35 billion in civil penalties. Additionally, Zhao and Binance's Former Chief Compliance Officer, Samuel Lim, face substantial fines in relation to the settlement with the CFTC.
Meanwhile, the Securities and Exchange Commission
escalated its confrontation with Binance this year, bringing 13 charges against
the exchange, affiliated entities, and Zhao. The allegations include running
unregistered exchanges, offering unregistered crypto assets, and Zhao's alleged
control of Binance.US.
UK Firm Offered “100 Certy” Crypto Investment Advice; Gets Wind-up Order
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa