Binance, the crypto exchange formerly rivaled by bankrupt FTX, has seen $3 billion in withdrawals in the past 24 hours. FTX founder Sam Bankman-Fried was arrested in the Bahamas and charged with securities fraud in the U.S.
Nansen Ltd., the Hong Kong-based blockchain analytics platform, on Tuesday reported that $3 billion has been withdrawn from privately held crypto exchange Binance Holdings Inc. in the last 24 hours. Binance CEO Changpeng Zhao, known as CZ, said in a tweet this morning that Shanghai-based Binance booked about $1.14 billion of withdrawals during the business day.
“We have seen this before,” CZ said. “Some days we have net withdrawals; some days we have net deposits. Business as usual for us.” The withdrawals comes as U.S. regulators charged Sam Bankman-Fried with securities fraud and other offenses and Congress held hearings on the collapse of FTX, both on Tuesday.
On its Twitter feed, Binance said it was temporarily pausing withdrawals because of a token swap involving $USDC, which are digital coins backed by the U.S. government. CZ added the deposits at Binance are not affected by the move, which it said would end when banks reopen. Meanwhile, Binance on Monday shot down a Reuters report that the U.S. Department of Justice is considering criminal charges against the company.
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