Stablecoins worth $ 7 billion left Binance in a day

Binance traders have withdrawn $7 billion worth of stablecoins in the last 24 hours. Net outflow is $3 billion. The exchange faces several difficulties at once, including legal ones.

Binance exchange users have withdrawn $7 billion in stablecoins in the last 24 hours. At the same time, $4 billion in stablecoins arrived on the exchange. Thus, the net outflow amounted to $ 3 billion.

Traders are most active in relation to BUSD, USDt and USDC. The outflow is the maximum since June 2022.

Changpeng CZ Zhao, the head of Binance, noted that at the moment the situation has returned to normal:

“Everything seems to have stabilized. Yesterday was not the largest number of withdrawals that we processed, not even the top 5. We handled more during the LUNA or FTX crashes. Now deposits are being returned.”

Earlier, several situations occurred on the exchange that caused community excitement. On December 11, the company restricted some accounts due to abnormal movement in trading pairs. On December 13, Binance briefly stopped the withdrawal to the USDC.

Another difficulty, according to Reuters, could be accusing the site of laundering $ 10 billion. The US Department of Justice suspects Binance of money laundering. However, federal prosecutors have not yet come to a consensus. Two of them believe that the current evidence is enough to start an investigation. Two more insist on collecting additional materials. According to media reports, the company’s lawyers are ready to make a deal with the investigation and are trying to convince the Ministry of Justice to abandon the investigation, which could damage the weakened crypto market.