Binance Bitcoin Reserves Shed $200 Million Amid Ex-CEO’s US Detainment Threat

2023-11-24 08:36

After the cryptocurrency exchange and its former CEO, Changpeng Zhao, entered a guilty plea to federal charges in the United States, Binance’s Bitcoin reserves were reduced by $200 million.

Although CZ has paid his bond, prosecutors are attempting to have him stay in the US until he is sentenced.

Based on on-chain data collected by CryptoQuant, Bitcoin is moving from Binance to Coinbase since yesterday. The research firm recently noted that, compared to Binance, Coinbase’s reserves have reduced by 5,000 BTC, whereas Coinbase’s have grown by approximately 12,000 BTC.

As a result of legal concerns, analysts believe that individual investors are pulling their money out of Binance, which is driving this movement.

A CryptoQuant analyst disclosed that retail investors are shifting their money away from Binance and onto compliant or licensed exchanges, which is causing Binance’s Bitcoin reserves to decrease.

“The decrease in Bitcoin reserves on Binance appears to be a result of retail outflows,” Bradley Park wrote in a note.

Greta Yuan, the head of research at the Hong Kong-based digital-asset platform VDX, conveyed in a note that lingering apprehension prevails in the market due to recent legal challenges faced by the company.

In the immediate future, she anticipates a trend of users shifting their funds towards exchanges that are compliant or licensed as a means of seeking reassurance.

According to the US Securities and Exchange Commission (SEC) and many cryptocurrency commentators, Binance has previously utilized its bitcoin reserves to support the value of its own token, BNB. Both CZ and Binance strongly refute the allegations.

Blockchain company Nansen claims that the exchange saw withdrawals of more than $1 billion in a single day after Zhao resigned and acknowledged his guilt in a plea agreement with the US Justice Department. In addition, as market makers reduced their positions, market liquidity dropped by 25%.

A record $4.3 billion settlement between Binance and the DOJ includes a $1.8 billion fine against the cryptocurrency exchange in addition to a $2.5 billion forfeiture. The agreements called for the exchange to withdraw from US markets, financial remittances, and strict compliance guidelines.

The value of BNB had a significant decline of 14% subsequent to the announcement of the settlement and CZ’s resignation, dropping from $264 to $227. As of the current moment, the value is at $233, exhibiting a decrease of 20% in comparison to the corresponding period in the previous year.

Meanwhile, instead of permitting Zhao to return to his residence in Dubai until his February sentencing, US prosecutors are calling for his detention within the country. Because of his involvement in the failure to execute appropriate anti-money laundering measures, the former Binance big boss could spend up to 18 months in prison.

Featured image from Freepik

origin »

Bitcoin price in Telegram @btc_price_every_hour

Binance Coin (BNB) на Currencies.ru

$ 568.39 (+0.16%)
Объем 24H $821.281m
Изменеия 24h: -0.20 %, 7d: -1.00 %
Cегодня L: $567.26 - H: $571.63
Капитализация $75.691b Rank 4
Цена в час новости $ 235.21 (141.65%)

binance bitcoin reserves 200 million prosecutors although

Источник: bitcoinist.com

binance bitcoin → Результатов: 126


Binance Begins $1 Billion Bitcoin Accumulation With $100 Million Purchase

Binance has officially kicked off its planned large-scale Bitcoin acquisition, confirming the completion of its first $100 million BTC purchase for its Secure Asset Fund for Users (SAFU). The move marks the opening phase of a broader strategy to acquire $1 billion worth of Bitcoin over a 30-day period, reinforcing Binance’s long-term commitment to strengthening [...]

2026-2-3 19:03


Фото:

Binance commits to gigantic Bitcoin purchase as an implicit apology for October liquidation meltdown

Binance just turned its emergency insurance fund into a public, auditable pledge. And it reads like a crisis-repair letter in balance sheet form. The exchange announced Jan. 30 that it will convert SAFU's roughly $1 billion stablecoin reserves into Bitcoin within 30 days, with an explicit promise: if BTC price movements push the fund below […] The post Binance commits to gigantic Bitcoin purchase as an implicit apology for October liquidation meltdown appeared first on CryptoSlate.

2026-2-2 11:30


Фото:

Binance commits to $1B Bitcoin purchase as an implicit apology for October liquidation meltdown

Binance just turned its emergency insurance fund into a public, auditable pledge. And it reads like a crisis-repair letter in balance sheet form. The exchange announced Jan. 30 that it will convert SAFU's roughly $1 billion stablecoin reserves into Bitcoin within 30 days, with an explicit promise: if BTC price movements push the fund below […] The post Binance commits to $1B Bitcoin purchase as an implicit apology for October liquidation meltdown appeared first on CryptoSlate.

2026-2-3 11:30


Криптосообщество заподозрило покупку аккаунта @bitcoin биржей Binance

Сообщение, опубликованное в профиле @bitcoin в Твиттере, вызвало слухи о том, что биржа криптовалют Binance, возможно, приобрела учётную запись. На изображении, опубликованном в учетной записи @bitcoin, биткоин показан рядом с нативным токеном Binance BNB coin.

2021-8-28 12:48


Майнинг-пул Binance стал первым в сети Bitcoin SV

Майнинг-пул биржи Binance стал крупнейшим по объёму добываемых блоков в системе Bitcoin SV, свидетельствуют данные CoinDance. Согласно статистике сервиса, за последние сутки Binance добыла 26,39% блоков Bitcoin SV, превзойдя другие пулы.

2020-6-18 13:07


Фото:

Крипто-биржа Binance открывает майнинг-пул по добыче Bitcoin 

Биржа цифровых активов Binance планирует запуск собственного майнинг пула, его деятельность будет... Сообщение Крипто-биржа Binance открывает майнинг-пул по добыче Bitcoin  появились сначала на ПрофитГид: рейтинг ICO, блокчейн, биржи и курсы криптовалют.

2020-4-2 10:21


Пользователи Binance смогут покупать криптовалюту за рубли с помощью Visa

Биржа добавила возможность привязать карту к собственному аккаунту для приобретения Bitcoin и еще трех монет. Биржа Binance добавила возможность покупать Bitcoin, Ethereum, XRP и Binance Сoin за рубли напрямую с карты Visa.

2020-2-5 18:30


Binance Research: майнеры Bitcoin SV не нацелены на получение прибыли

Как сообщило аналитическое подразделение криптовалютной биржи Binance, мотивы майнеров Bitcoin SV не экономические – добывать другие криптовалюты было бы гораздо выгоднее. В своем исследовании сотрудники Binance Research проанализировали прибыльность добычи BTC, BCH и BSV.

2019-12-19 18:45


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

CZ Responds After Bitcoin Briefly ‘Crashes’ To $24,000 On Binance

Changpeng “CZ” Zhao pushed back after a screenshot showing bitcoin at roughly $24,111 on Binance went viral on X, arguing the move was a microstructure glitch on a thin, newly listed BTC/USD1 pair rather than a broader market crash and that the exchange itself “is NOT involved in trades.” Did Bitcoin Really Crash To $24,000? […]

Whale Piles Into ASTER Shorts After CZ’s Comment – $52.8M On the Line

Aster (ASTER) has seen heightened volatility in recent sessions as broader market selling pressure weighs on altcoins and investor sentiment remains fragile. Yet in the midst of this downturn, the token drew unexpected attention when Changpeng Zhao (CZ) — Binance’s former CEO — posted on X that he personally bought ASTER using his own funds directly on Binance.

No Comeback: Binance Founder CZ Says He’s Not Returning To The Exchange

Binance founder Changpeng Zhao, or “CZ,” is back in the limelight after serving four months in jail. One of Zhao’s first public appearances was at the Binance Blockchain Week conference, where he discussed his experience, future plans, and current relationship with the exchange he founded.