Binance users are withdrawing their crypto assets following the recent regulatory scrutiny of one of the exchange’s products.
In the last 24 hours, the exchange saw outflows of $621 million, according to a Wu Blockchain report. The outflows had dropped to $460 million as of press time, according to DeFillama податоци.
Binance recorded $916 million in outflows in Ethereum-based (ЕТХ) tokens on Feb. 13 — its highest daily withdrawal since Nov. 24, 2022, according to dune analytics податоци.
Meanwhile, the flood of these withdrawals pales compared to those евидентирани in November 2022 when FTX collapsed. At the time, Binance обработени over $6 billion in withdrawals over seven days.
Over $300M BUSD redeemed
Binance USD (БУЗД) issuer Paxos burnt $342 million worth of the stablecoin during the previous 24 hours, according to Etherscan податоци.
BUSD tokens are burned when users convert their holdings into fiat.
On Feb. 13, the stablecoin issuer was нареди by the New York Department of Financial Services to stop other mints of the stablecoin because it violated its “obligation to conduct tailored, periodic risk assessments and due diligence refreshes of Binance.”
The regulatory crackdown saw the stablecoin briefly trade at a discount against its rival Tether (USDT), according to Kaiko податоци.
Meanwhile, blockchain analytical firm Nansen пријавени that institutional investors like Jump Crypto holding the stablecoin were withdrawing their holdings from exchanges.
Source: https://cryptoslate.com/binance-processes-1b-withdrawals-amid-regulatory-scrutiny-on-busd/