Is Binance Being Harmed by Users’ Heavy Withdrawals?


Binance users withdrew a total of $360 million on Friday, according to recent statistics. BNB lost 29% of its value in the last two months. Despite the recovery of the cryptocurrency market following the shutdown of the FTX exchange, the situation of the shutdown of Binance is still improving.

According to a recent report by Forbes, Binance lost $12 billion in assets as users continued to withdraw money from the exchange. Binance, the leading crypto exchange, is currently struggling to maintain its hold. Investors have been selling their crypto since its rival FTX collapsed, and despite the statement of CEO Changpeng Zhao (CZ) that the situation has calmed down, the outflow is now increasing.

Defillama, a crypto data company revealed that Binance customers withdrew $360 million worth of cash on Friday. In addition, another crypto-statistics company, Nansen, said in December that the platform lost $ 3 billion in assets in the past week, which amounted to 4% of the total assets of the platform. business at that time.

According to Forbes research, crypto exchange lost 15% of its assets. However, in less than two months, around 25% of Binance’s holdings left the exchange.

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Is Binance Token Going Down?

The performance of BNB and BUS), the benchmark of the exchange, is the best indicator of the lack of confidence of investors. According to Forbes, BNB has lost 29% of its value in the past two months, leaving 29 million tokens on Binance, 51% less than the exchange announced on November 10. Meanwhile, the stock The company’s BUSD stablecoins have fallen by 40%.

The trading platform has suffered from almost a year-long decline in digital assets, although it remains the largest cryptocurrency exchange by volume. According to Nomics, their BNB score is down 37% from a year ago. Furthermore, Forbes also claims that the exchange lost about $3 billion annually due to Bitcoin (BTC) trading fees that stopped when the price fell.

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