Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»BITCOIN NEWS»Binance Bitcoin Reserves Lose $200 Million Due to Former CEO’s Threat of US Detention
BITCOIN NEWS

Binance Bitcoin Reserves Lose $200 Million Due to Former CEO’s Threat of US Detention

By Crypto FlexsNovember 24, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Binance Bitcoin Reserves Lose 0 Million Due to Former CEO’s Threat of US Detention
Share
Facebook Twitter LinkedIn Pinterest Email

Binance’s Bitcoin holdings fell by $200 million after the cryptocurrency exchange and its former CEO Changpeng Zhao pleaded guilty to U.S. federal charges.

Although CZ paid bail, prosecutors are attempting to keep him in the United States until he is sentenced.

Bitcoin has been moving from Binance to Coinbase since yesterday, based on on-chain data collected by CryptoQuant. The research firm recently found that Coinbase’s reserves decreased by 5,000 BTC compared to Binance, while Coinbase’s reserves increased by about 12,000 BTC.

Due to legal concerns, analysts believe retail investors are pulling money out of Binance and this is driving this movement.

Large amout of Bitcoin leaving Binance. Source: CryptoQuant

CryptoQuant analysts noted that retail investors are moving their funds away from Binance to compliant or licensed exchanges, which is reducing Binance’s Bitcoin holdings.

“The decline in Binance’s Bitcoin holdings appears to be the result of retail outflows,” Bradley Park wrote in a note.

Greta Yuan, head of research at Hong Kong-based digital asset platform VDX, said continued concerns are prevalent in the market due to recent legal challenges faced by the company.

In the near future, she expects users will tend to move their funds to compliant or licensed exchanges as a means of seeking peace of mind.

BTCUSD trading at $37364 today Chart: TradingView.com

Binance has previously leveraged its Bitcoin reserves to support the value of its token, BNB, according to the U.S. Securities and Exchange Commission (SEC) and many cryptocurrency commentators. Both CZ and Binance strongly refute these claims.

Blockchain company Nansen claims it recorded withdrawals of more than $1 billion from exchanges just one day after Zhao resigned and pleaded guilty in a plea agreement with the U.S. Department of Justice. Additionally, market liquidity decreased by 25% as market makers reduced their positions.

BNB seven-day price action. Source: Coingecko

The record $4.3 billion settlement between Binance and the DOJ includes $1.8 billion in fines for the cryptocurrency exchange, in addition to $2.5 billion in forfeitures. The agreement called for the exchange to withdraw from U.S. markets, require financial remittances and strict compliance guidelines.

The value of BNB fell by a significant 14% following the announcement of the agreement and CZ’s resignation, falling from $264 to $227. As of now, the amount is $233, a 20% decrease compared to the same period last year.

Meanwhile, U.S. prosecutors are demanding that Zhao be detained in the country instead of being returned to his Dubai residence until sentencing in February. Because he was implicated in failing to implement adequate anti-money laundering measures, the former Binance megaboss could face up to 18 months in prison.

Featured image from Freepik

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin aims for $ 115K after US CPI data prefers investors.

June 11, 2025

Paris can be traded!

June 11, 2025

Controversy over the names of BIP177 and Bitcoin?

June 10, 2025
Add A Comment

Comments are closed.

Recent Posts

How to claim vault12 promotional code for Android and iOS

June 13, 2025

How Locals Went From Ordinary People To Billionaires, And You Can Do It Too!

June 13, 2025

Seize The Opportunity! Fans Hash Is Giving Away $500 For A Limited Time To Help You Easily Unlock Crypto Wealth And Open A New Chapter Of Wealth.

June 13, 2025

Portfolio construction for Q3: The reason for combining chainlink (link) and pol (EX-MATIC) can be a victory strategy.

June 13, 2025

Polemos Announces TGE And A Game-Changing Strategic Partnership With BUFF Accelerating Web3 Adoption

June 12, 2025

​Bitpanda Opens The Gate To Web3 With Vision (VSN)

June 12, 2025

New USDT/USDC Stablecoin Mining Platform Launches — Secure, Flexible, And High-Yield DeFi Opportunity

June 12, 2025

SEC Approves Ethereum ETF, Will XRP And DOGE Be The Next Tipping Point? Is Cloud Computing The Next Investment Holy Grail?

June 12, 2025

Bank of America’s eyes among the Senate’s fast tracking genius acts

June 12, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025

Ether surpasses Bitcoin in May. ETH derivatives volume surpasses BTC in OKX.

June 12, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

How to claim vault12 promotional code for Android and iOS

June 13, 2025

How Locals Went From Ordinary People To Billionaires, And You Can Do It Too!

June 13, 2025

Seize The Opportunity! Fans Hash Is Giving Away $500 For A Limited Time To Help You Easily Unlock Crypto Wealth And Open A New Chapter Of Wealth.

June 13, 2025
Most Popular

Zeneca’s portfolio peaked at $20M — and he has ‘2021 vibes’ again: NFT Collector

May 23, 2024

In-depth analysis of market dynamics

January 6, 2024

Circle Announces First Recipients of USDC Grant Program

October 14, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.