Binance

Binance, the world's biggest crypto exchange, saw withdrawals of $1.9 billion in the last 24 hours, blockchain data firm Nansen said on Tuesday, ...

We expect the situation will be restored when the banks open." Department of Justice prosecutors are delaying the conclusion of a long-running criminal investigation focused on Binance's compliance with U.S. "The banks are not open for another few hours. The report showed its holdings of bitcoin exceeded customer deposits on a single day in November. User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free." This is business as usual."

Binance, the world's largest cryptocurrency exchange, said Tuesday it is pausing withdrawals of the stablecoin USDC while it completes a token swap ...

[experienced](https://twitter.com/nansen_ai/status/1602673823651864577) the highest daily amount of withdrawals since June. Former SEC regulator John Stark [told Decrypt](https://decrypt.co/116958/former-sec-regulator-binances-proof-reserves-audit-how-i-define-red-flag) that Binance’s report failed to address internal financial controls and lacked an “assurance conclusion.” Nansen analyst Andrew Thurman [tweeted](https://twitter.com/Blockanalia/status/1602337143048781826) that Jump Trading, one of the largest crypto market makers, was among the biggest redeemers. Concern about Binance have also grown in recent weeks. [added](https://twitter.com/cz_binance/status/1602579499903852544) in a Twitter post: “On USDC, we have seen an increase in withdrawals. The banks are not open for another few hours.

Investors have pulled more than $1bn from Binance as the world's largest cryptocurrency exchange fights against a crisis of confidence in digital tokens and ...

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Within the past 24 hours, cryptocurrency exchange Binance has seen outflows of over $1.14 billion due to rising FUD — or fear, uncertainty and doubt — within ...

Crypto analyst and government adviser Del Crxpto accused crypto media outlets of promoting the FUD around Binance, sharing, “The media are trying to cause a bank run on binance. Binance is my #1 exchange. Author and Bitcoin enthusiast Layah Heilpern shared: “You realise if Binance goes down everything else will crumble? [December 13, 2022] Others are speculating that if Binance goes down, the entire crypto industry might be brought to its knees. Some days we have net withdrawals; some days we have net deposits.

Binance Holdings Ltd., the world's largest crypto exchange, sought to counter concerns about outflows by reiterating its position that user assets are ...

Binance has at least [Binance Holdings Ltd.](/quote/1624796D:CH) founder Changpeng “CZ” Zhao said outflows from the largest cryptocurrency exchange have “stabilized” while warning employees that the industry’s recovery from rival FTX’s collapse will be “bumpy.” In a tweet on Wednesday, Zhao said “things seem to have stabilized” and that “deposits are coming back in.” He’d earlier said Binance saw about $1.14 billion of net withdrawals on Tuesday.

Is Binance heading for an FTX-style crisis, or is it all much ado about nothing?

Over 5,500 people attended the inaugural event in 2022, making Permissionless the world’s largest DeFi conference. Binance CEO Changpeng Zhao Binance Rumors, Analyzed

The exchange saw a total net outflow of over $3.6 billion in the past week as crypto firms and users pulled out funds.

Investors withdrew as much as $3 billion from Binance on Tuesday, according to blockchain analytics firm Nansen, as the world's largest cryptocurrency ...

“If you get hurt by one bank, you’re going to think all the other banks are bad,” Zhao said. “In short, it’s a lot of money headed out, and that’s spooked some folks.” Bitcoin was last trading below $18,000, a decline of more than 60% year-to-date. Separately, US markets regulators also charged Bankman-Fried with defrauding investors and customers. A report about an [ongoing investigation](https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/) by the US Justice Department into the exchange was a factor in investors’ nervousness, he said.

Binance halted customer withdrawals after a surge in requests following the arrest of Sam Bankman-Fried, former CEO of its rival crypto exchange FTX.

[conducted](https://www.wsj.com/articles/binance-is-trying-to-calm-investors-but-its-finances-remain-a-mystery-11670679351) a “proof of reserves” report in an attempt to calm investors amid the volatile crypto market. USDC withdrawals have since been unpaused, according to a [statement](https://twitter.com/binance/status/1602579775721283584) from Binance, which said the withdrawals were also halted in order for Binance to conduct a token swap involving USDC, which involves swapping one cryptocurrency for another. Changpeng Zhao, the founder and CEO of Binance, said in a [tweet](https://twitter.com/cz_binance/status/1602676998094069760) that the company saw $1.14 billion worth of withdrawals today. [revealed](https://twitter.com/cz_binance/status/1602579499903852544) early this morning that withdrawals of USDC, a cryptocurrency known as a stablecoin because its value is pegged to the U.S. [arrested](https://observer.com/2022/12/sam-bankman-fried-has-been-arrested-in-the-bahamas-what-happens-next/) on Dec. Meanwhile, a four-year criminal investigation into Binance by the U.S.

The $1.9 billion of withdrawals of tokens based on the ethereum blockchain marked the largest daily outflow over a 24-hour period since June 13, the Nansen data ...

Department of Justice prosecutors are delaying the conclusion of a long-running criminal investigation focused on Binance's compliance with U.S. "User assets at Binance are all backed 1:1 and Binance's capital structure is debt free," a spokesperson said. Binance did not immediately respond to a request for comment. "Things seem to have stabilised," CEO Changpeng Zhao tweeted. Users had pulled out $3.7 billion in crypto over the seven days to Tuesday, it later added. Register for free to Reuters and know the full story

SINGAPORE (Reuters) - Deposits are returning and "things seem to have stabilised" at Binance, its chief executive said on Wednesday, a day after it ha...

“Things seem to have stabilised,” CEO Changpeng Zhao wrote in a tweet. The $1.9 billion of withdrawals of tokens based on the ethereum blockchain marked the largest daily outflow over a 24-hour period since June 13, the Nansen data showed. On Tuesday, blockchain data firm Nansen said that Binance had seen withdrawals of $1.9 billion in the last 24 hours and that the exchange said it “temporarily paused” withdrawals of the USDC stablecoin.

Binance CEO Changpeng Zhao on Wednesday said that the situation has "stabilized" at his cryptocurrency exchange in a bid to assuage investors' fears.

But critics have said that the proof of reserves has not gone far enough to give assurances of Binance's collateral. Zhao said during a talk on Twitter on Wednesday that it holds user asset reserves one-to-one. Blockchain analytics firm Nansen said on Tuesday that there have been more than $3 billion of net withdrawals from Binance over the last seven days. The pausing of withdrawals was due to the fact that some currency swaps had to be routed through an unspecified bank in New York that wasn't open, according to Zhao. The CEO said deposits are returning to Binance. Zhao said Binance had seen an increase in USDC withdrawals.

Changpeng Zhao calls withdrawals a 'stress test' as investors continue to react to FTX collapse.

Last week the company published what it described as an “audited proof of reserves”, which showed that it held assets worth 101% of all consumer deposits. The various charges include multiple counts of wire fraud and securities fraud, campaign finance violations, and money-laundering offences. We passed this extreme stress test because we run a very simple business model – hold assets in custody and generate revenue from transaction fees.” You can ask around.” Some days we have net withdrawals; some days we have net deposits. Withdrawals of USDC, a “stablecoin” that is widely seen as one of the safest assets in the sector, since it is issued by a US-based company that complies with financial regulators and pegged to the US dollar, were paused for more than eight hours over the course of Tuesday.

After the arrest of FTX founder Sam Bankman-Fried, some users fear that exchange behemoth Binance will be the next crypto domino to fall.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [report from Reuters](https://www.coindesk.com/business/2022/12/12/us-prosecutors-look-to-charge-binance-and-cz-for-possible-money-laundering-violations-reuters/) detailed a U.S. In essence, the system was supposed to allow a user to take multiple separate positions against a single pool of collateral; if one of a user’s bets went bust, the whole pool was subject to liquidation (meaning the FTX exchange would have automatically claimed the user’s collateral). and many other countries – like sophisticated [derivative contracts](https://www.coindesk.com/learn/why-trade-crypto-derivatives-when-you-can-trade-spot/) and [margin trading](https://www.coindesk.com/learn/what-is-margin-trading-a-risky-crypto-trading-strategy-explained/) facilities that allow users to borrow money in order to make bigger, riskier bets. [strict set of editorial policies](/ethics/). Siemer also noted that Binance has been relatively conservative in terms of the features it offers users – at least compared to FTX. [Binance.US](http://binance.us/), which operate independently from the main Binance platform, the main, largely unregulated version of Binance is the biggest by far. While one can find some differences between Binance and FTX, it’s impossible to know what’s really going on at Binance behind the scenes. (Notably, pausing stablecoin withdrawals was one of the last actions FTX took before filing for bankruptcy.) In the “trustless” world of cryptocurrency, this is a bit hard to square. [ Valid Points](https://www.coindesk.com/newsletters/valid-points/), CoinDesk’s weekly newsletter breaking down Ethereum’s evolution and its impact on crypto markets. The arrest of the FTX exchange founder drew mainstream headlines that greatly overshadowed the other big crypto story of the day: questions around the solvency of Binance, the largest cryptocurrency exchange by trading volume.

Binance's CEO Changpeng “CZ” Zhao has told employees in an internal memo that he expects the “next several months to be bumpy.” In the message, seen by ...

[Jesse Powel](https://twitter.com/jespow)l [calling](https://twitter.com/jespow/status/1596227031637045248?s=20&t=hvkuwGAc6zOQkGzbkhkQ9g) the audits “either ignorance or intentional misrepresentation.” [reported](https://decrypt.co/116961/us-justice-dept-mulling-criminal-charges-against-binance-founder-cz-report) by Reuters, prosecutors with the U.S. [said](https://decrypt.co/116958/former-sec-regulator-binances-proof-reserves-audit-how-i-define-red-flag) [that](https://twitter.com/JohnReedStark?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor) Binance’s recent “proof of reserves” report “doesn’t address the effectiveness of internal financial controls” and doesn’t “express an opinion or assurance conclusion,” adding that it fails to “vouch for the numbers.” [CEO’s arrest](https://decrypt.co/117071/good-old-fashioned-fraud-crypto-twitter-reacts-ftx-sam-bankman-fried-arrest) on Monday, the market has turned its attention to the largest crypto exchange by trading volume. [processing](https://decrypt.co/117155/binance-customer-withdrawals-exceed-3-billion-in-24-hours) net outflows of roughly $3.66 billion on December 12, the most since June, according to Nansen data. [Bloomberg](https://www.bloomberg.com/news/articles/2022-12-14/binance-ceo-zhao-warns-bumpy-road-ahead-in-message-to-his-staff), the CEO said that despite “a lot of extra scrutiny and tough questions” that have emerged after the collapse of rival exchange FTX he expects his firm will “get past this challenging period” and that it will “be stronger for having been through it.”

Binance Holdings Ltd. Chief Executive Officer Changpeng Zhao warned his colleagues to expect tough months ahead and said the firm will overcome current ...

Binance's Chief Executive Officer Changpeng "CZ" Zhao has warned his staff to expect turbulent times ahead as the giant crypto exchange sees a wave of ...

Binance chief executive Changpeng Zhao has blamed the collapse of FTX and the fraud charges levelled against its founder Sam Bankman-Fried for a wave of ...

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Token swaps, paused withdrawals, and inconsistent reporting - what is going on with Binance?

The jitters and nervous questions caused by the pause of USDC withdrawals at Binance reinforce just how important getting crypto reporting right is for a healthy and liquid market. Specifically, the questions and scrutiny around how PoR engagements, which promise to increase the transparency and traceability of exchanges, actually work when met with reality are items that should remain a priority for regulators and standard-setters for the foreseeable future. Binance is simultaneously the worlds largest crypto exchange, and also a player in the space that has been dogged by allegations and investigations for years. Any time that an exchange, crypto or not, has to pause withdrawals, investors and regulators are going to want to know – exactly – why this is the case. Binance USD is a stablecoin issued and managed directly by Binance, which after the revelations around how FTX utilized its native token, is certainly worthy of a second look. Especially with the rattled nerves of crypto investors in the aftermath of FTX, and happening within hours of Samuel Bankman-Fried being arrested in the Bahamas, this led to further speculation about the health of the platform. [series of tweets](https://www.reuters.com/technology/binance-halts-withdrawals-major-usdc-stablecoin-2022-12-13/), explaining that the pause in customer withdrawals was not due to the any leverage or margin issue, like those that started the unraveling of FTX. Due to the lack of standardization around crypto auditing, and lack of authoritative accounting standards directly connected to crypto accounting and reporting, the market is still working toward consensus around these topics. Put simply, the promised benefits of this change did not manifest when Binance needed them the most. That said, the concept of Proof-of-Reserves, an accounting process that seeks to add more transparency to the crypto space, has been thrust into the spotlight since November 2022. Reported on December 13, Binance had suffered nearly $3 billion in withdrawals in the past 24 hours, causing the exchange to temporarily halt customer withdrawals of the USDC stablecoin. It increasingly looks like FTX was fraudulently marketed and run from the very beginning, and the blockchain and crypto sector needs to think about moving on from this disaster.

Top executives at Binance and Coinbase have been busy penning messages to reassure their employees and customers that they're no FTX.Binance CEO Changpeng ...

Binance CEO Changpeng Zhao thinks only 1% of the population can adequately manage self-custody funds and that most people are just better off using a ...

[several red flags in Binance’s proof-of-reserves audit](https://cointelegraph.com/news/binance-s-proof-of-reserves-raises-red-flags-report), while a Dec. Department of Justice is [nearing the end of a three-year investigation](https://cointelegraph.com/news/us-doj-split-over-charging-binance-in-the-2018-aml-investigation-report) into Binance, which may come with criminal charges. 14 of Binance’s latest offering 50% APR on staked USDT to its customers, alleging that the exchange may be looking to shore up its allegedly fast dwindling stablecoin reserves. Binance now offering 50% APR on Tether fraud tokens. [(USDT)](https://cointelegraph.com/tether-price-index) and USD Coin [(USDC)](https://cointelegraph.com/usdc-price-index) over a 24-hour period between Dec. 14 that

Binance, the world's biggest cryptocurrency exchange, is under the spotlight after temporarily halting withdrawals of the stablecoin USD Coin (USDC).

Incidents such as the USDC withdrawal pause only to back this up. The disgraced former CEO was arrested in the Bahamas on Monday and faces federal criminal charges. In a move reminiscent of Zhao’s tweets this week, FTX CEO Sam Bankman-Fried had tweeted in November that “FTX is fine. In a matter of days, FTX went from one of the leading crypto exchanges to bankruptcy after reports emerged that it had been using client funds to prop up its sister trading firm, Alameda Research. FTX filed for bankruptcy on Nov. We expect the situation will be restored when the banks open. “Things seem to have stabilized,” Zhao tweeted on December 13, claiming that the prior day’s withdrawals were not in “the top five” largest single-day withdrawals in the company’s history. Concern about Binance are growing, and customers are withdrawing funds from the exchange at a high rate. Yesterday was not the highest withdrawals we processed, not even top 5. The banks are not open for another few hours. We processed more during LUNA or FTX crashes. [USDC](https://www.forbes.com/advisor/investing/cryptocurrency/usd-coin/)).

Binance, the world's biggest cryptocurrency exchange, is under the spotlight after temporarily halting withdrawals of the stablecoin USD Coin (USDC).

[Related: The Future Of Crypto In Australia](https://www.forbes.com/advisor/au/investing/cryptocurrency/crypto-regulation-in-australia/) [USDC](https://www.forbes.com/advisor/au/investing/cryptocurrency/top-10-cryptocurrencies/)). Read our [editorial disclaimer here](https://www.forbes.com/advisor/au/editorial-disclaimer/). Incidents such as the USDC withdrawal pause only to back this up. FTX filed for bankruptcy on November 11—within days of those tweets—which Bankman-Fried has since deleted. In a move reminiscent of Zhao’s tweets this week, FTX CEO Sam Bankman-Fried had tweeted in November that “FTX is fine. In a matter of days, FTX went from one of the leading crypto exchanges to bankruptcy after reports emerged that it had been using client funds to prop up its sister trading firm, Alameda Research. [Concern about Binance are growing](https://www.forbes.com/advisor/au/investing/cryptocurrency/crypto-news-australia/), and customers are withdrawing funds from the exchange at a high rate. We expect the situation will be restored when the banks open. Yesterday was not the highest withdrawals we processed, not even top 5. Binance CEO Changpeng “CZ” Zhao has made valiant attempts to reassure his customers and investors. We processed more during LUNA or FTX crashes.

Coinbase (ticker: COIN) is based in the U.S. and provides audited financial statements to investors. Binance, based offshore, is more opaque. And that is ...

(ticker: COIN) is based in the U.S. Binance, based offshore, is more opaque. ](https://www.barrons.com/market-data/stocks/coin)