Tag: Binance

Binance Chief Warns Employees of Challenging Times Ahead amid Crypto Winter

The Binance CEO also spoke about the USDC withdrawal suspension while explaining the impact of the crypto winter. Binance founder Changpeng Zhao has sent a memo to employees to inform them of the challenging months ahead amid the persistent crypto winter. In addition to warning to look out for tough times, the CEO also assured staff that the company would survive the current troubles. In the memo, the Binance chief said the company is in a strong financial position to” survive any crypto winter.” He also emphasized that the digital…

Binance Resumes USDC Withdrawals after Temporary Pause, Sees Massive Outflows

Crypto exchange Binance has seen massive withdrawals over the last week. Binance, the world’s largest cryptocurrency exchange by trading volumes, has resumed the withdrawal of USDC stablecoin after pausing it temporarily for a few hours. On Tuesday, December 13, Binance had initially paused withdrawals due to a “token swap” and due to inadequate USDC reserves on the platform. Binance and USDC Withdrawals As per the data from Nansen, crypto exchange Binance holds a large majority of stablecoins worth $11.5 million in Paxos-issued BUSD. To increase its USDC reserves, the exchange…

Binance US finally rolls out mobile payments service to US customers

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United States crypto exchange Binance US has finally rolled out its Binance Pay service — some 22 months after the feature was launched by the global exchange to its customers outside the U.S. in 2021. The service, which had a beta version rolled out globally in Feb. 2021 for peer-to-peer payments which was expanded to include merchant transactions on Mar. 12, allows mobile users of the Binance app to instantly transact nearly 150 supported cryptocurrencies without fees. A Dec.13 blog post from Binance US clarifies that Pay transactions will feature zero…

Binance Sees More Than $3,660,311,347 in Net Withdrawals As World’s Largest Crypto Exchange Gets ‘Stress Test’

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The largest crypto exchange by trading volume is undergoing a stress test as reports surface that Binance may be under US investigation. Yesterday, it was reported that Binance and its CEO Changpeng Zhao were under federal investigation for potential money laundering violations. Now, crypto data analyzer Nansen says over $3 billion in net capital has been withdrawn from Binance over the last seven days. “Binance Netflow 7D ($) -3,660,311,347 8,783,380,428 – Outflow 5,123,069,081 – Inflow” Source: Nansen/Twitter According to Binance CEO Changpeng Zhao, the exchange saw over $1 billion in withdrawals leave the…

Crypto community members discuss Bank-run on Binance

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Within the past 24 hours, the Binance cryptocurrency exchange has seen outflows of over $1.14B due to rising fear, uncertainty and doubt (FUD) within the crypto ecosystem.  According to Binance CEO Changpeng “CZ” Zhao, the exchange has seen this before and believes “it is a good idea to ‘stress test withdrawals’ on each CEX [Centralized Exchanges] on a rotating basis”.  We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.…

Binance net withdrawals topped $3.6B over the last 7 days: Report

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Binance appears to be suffering from a decline in liquidity. A report from crypto analytics firm Nansen, indicates that Binance had net withdrawals of more than $3.6 billion from Dec. 7 to Dec. 13. Binance gross outflows have been approximately $8.8 billion, while gross inflows have been around $5.1 billion. Binance Netflow 7D ($) -3,660,311,347 8,783,380,428 – Outflow5,123,069,081 – Inflow Exchange Flows dashboard ⤵️https://t.co/CYrBQLryQ0 pic.twitter.com/vV6vcqoWKK — Nansen (@nansen_ai) December 13, 2022 In addition, while Binance saw more than $2 billion in daily net inflows of Ethereum ERC-20 tokens back in…

Binance Sees Largest Bitcoin Withdrawal, 40K BTC Out

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The largest crypto exchange in the world, Binance has experienced the most significant Bitcoin withdrawal in its history, per recent data. The company might face a bank run as crypto investors’ confidence continues to decline following the collapse of trading venue FTX and a U.S. investigation into major crypto exchanges.  At the same time, positive economic data from the U.S. is positively impacting the market. Bitcoin is back above its previous yearly lows. As of this writing, BTC’s price trades at $17,750 with a 4% and 5% profit in the…