Binance Outflow Surges After Paxos-BUSD Issue

February 14, 2023 Story: Divya Sinha

Crypto exchange Binance has seen a major surge in its outflow amid Paxos-BUSD regulatory scrutiny.

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Dune Analytics data show that Binance experienced $916 million in exchange outflows on February 13.

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It is to be noted that it is the largest single-day outflow for the exchange since November 24.

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This outflow surge is due to the US SEC investigation into crypto firm Paxos, which issues the stablecoin BUSD.

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As per the US SEC’s Wells notice, it alleged that Binance USD is an unregistered security.

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On Feb 13, Binance CEO ‘CZ’ posted a Twitter thread and wrote BUSD is issued and redeemed by Paxos. And funds are #SAFU!

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BNB token price has fallen below the $300 mark and is currently trading at $293.

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