Just-In: Binance Outflows Nears $1 Billion Following CFTC Allegations; Report

Crypto News: The global digital asset market printed red indexes on Tuesday as Commodity Futures Trading Commission (CFTC) alleged Binance, the world’s largest crypto exchange
for violating trading rules. The fear among the investors has triggered a massive outflow from Binance over the past day.

Binance In Trouble Over CFTC Claims

According to Nansen, the Blockchain data tracker around $852 million of net outflow has been registered over the past 24 hours. However, the crypto exchange registered an outflow of $185 million in an hour after the news broke out. The outflow amount went to register $218 million in the first four hours. However, Binance witnessed $3 billion of net outflow on December 13, 2022.

Data depicts that Binance holds around $63.2 billion in their wallets which have been disclosed publicly. Here’s the list of its top 5 holdings:

1. Tether (USDT) – $19 Billion
2. Bitcoin (BTC) – $14.4 Billion
3. Ethereum (ETH) – $7.5 Billion
4. Binance USD (BUSD) – $7.1 Billion
5. BNB – $3.2 Billion

Also Read: Binance CEO CZ Replies To US Senators Inquiry, Shares Response

The global crypto market dropped by around 3% over the last day. It now stands at $1.13 trillion. The cumulative crypto market cap has lost around $300 billion in a day. Read More Crypto News Here…

Bitcoin (BTC) registered a price drop of almost 4% in the last 24 hours. Bitcoin market cap which stood at $537 billion on March 27, 2023, declined by $22 billion. As of now BTC market cap stands at $515 billion.

Coingape reported that CFTC accused Binance and its chief Changpeng Zhao (CZ) of operating illegally over the years. In a civil complaint, the financial watchdog alleged that much of the world’s largest crypto exchange’s trading volume and profits came from solicitation of and access to US based users.

Also Read: US Crypto Firms To Migrate Fast After Binance Case, Claims Ripple Policy Head