Binance Sees More Than $900 Million in Outflows as Former CEO Pleads Guilty
Binance, the world’s largest crypto exchange, has seen more than $900 million in outflows over the past 24 hours after former CEO Changpeng “CZ” Zhao pleaded guilty to money laundering violations.
According to data from DeFi TVL aggregator DefiLlama, Binance has registered $913 million in outflows over the past day, with $605 million in net outflows over the past week.
The exchange still has net inflows of $1.78 billion over the past month, the largest by far among all centralized crypto exchanges tracked by DefiLlama.
Meanwhile, OKX has ostensibly benefited the most out of customers fleeing Binance.
The exchange has seen net inflows of $146 million over the past day, the largest among all centralized crypto exchanges tracked by DefiLlama.
It is worth noting that non-US users continue to keep their assets on Binance.
Despite regulatory pressure, non-U.S. users persist in keeping their assets on Binance.https://t.co/66yVQGkrrk https://t.co/1TXeqp1Tdx pic.twitter.com/HCEm5nPs2S
— Ki Young Ju (@ki_young_ju) November 22, 2023
On Tuesday, Binance, along with its CEO Changpeng Zhao, pleaded guilty to criminal charges related to anti-money laundering and violations of US sanctions.
The plea was made as part of a comprehensive agreement reached with the US Department of Justice, allowing the company to continue its operations.
However, Zhao will step down as CEO, and Binance will be required to pay a substantial $4.3 billion fine.
Under the terms of the settlement, Changpeng Zhao will also personally pay $200 million in fines.
He also appeared in court in Seattle to enter his guilty plea and now faces a maximum prison sentence of 10 years.
According to court documents, Binance was charged with multiple offenses,
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