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Binance sees $3.6 billion in outflows in a week as customers pull funds from the exchange – but CEO Changpeng Zhao says its ‘business as usual’

Binance Co-Founder and CEO Changpeng Zhao delivers a speech at the opening event of Europe's largest tech conference, the Web Summit, in Lisbon on November 1, 2022.Binance Co-Founder and CEO Changpeng Zhao delivers a speech at the opening event of Europe’s largest tech conference, the Web Summit, in Lisbon on November 1, 2022.

Patricia De Melo Moreira/AFP/Getty Images

  • Binance has seen heavy withdrawals as the FTX implosion continues to shake confidence in the sector.
  • The exchange saw roughly $3.66 billion in net outflows over the last week, per Nansen data.
  • Binance CEO Changpeng “CZ” Zhao tweeted that the flows were “busines as usual.”

Binance, the world’s largest cryptocurrency exchange, has seen $3.66 billion in net outflows over the last week, according to data compiled by Nansen

Customers have pulled a total of $8.78 billion out of the crypto exchange, while $5.12 billion have flowed into company, per Nansen’s exchange flows dashboard. 

—Nansen 🧭 (@nansen_ai) December 13, 2022

Despite the sizable withdrawals, Binance still holds about $58.9 billion in assets, according to Nansen data cited by Decrypt

Amid the outflows from the exchange, Binance CEO Changpeng “CZ” Zhao, shrugged off any concerns about customers withdrawing funds. 

“We saw some withdrawals today,” CZ tweeted Tuesday. “We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.”

—CZ 🔶 Binance (@cz_binance) December 13, 2022

 

His comments come shortly after the exchange temporarily froze customer withdrawals of the USDC stablecoin. The company announced withdrawals had resumed Wednesday. 

Separately, the exec warned employees in an internal memo that he expects the “next several months to be bumpy,” Bloomberg reported Wednesday.

A “historic moment” is beginning, he said, as repercussions from FTX’s collapse continue to rattle the industry, but Binance is financially secure enough to survive a downturn. 

Meanwhile, on Monday, Reuters said that the US Department of Justice has been investigating Binance over money laundering violations, reporting that the exchange had processed over $10 billion worth of illegal payments in 2022. 

Read the original article on Business Insider