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: Outflows soar at crypto exchange Binance, but CEO says it’s ‘business as usual’


Nansen Ltd., the Hong Kong-based blockchain analytics platform, on Tuesday reported that $3 billion has been withdrawn from privately held crypto exchange Binance Holdings Inc. in the past 24 hours.

Nansen reported that Binance still has $62.5 billion in holdings after the withdrawals.

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.”

CZ said it’s a good idea to “stress test” withdrawals on each crypto exchange “on a rotating basis.”

The withdrawals come 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 resumed withdrawals by midday Eastern Standard Time after a pause due to a token swap involving $USDC, which are digital coins backed by the U.S. government.

CZ said the deposits at Binance were not affected by the temporary withdrawal stop, which re-started not long after banks opened in New York.

Meanwhile, Binance on Monday shot down a Reuters report that the Justice Department is considering criminal charges against the company.

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