Binance Sees $1.7 Billion in Withdrawals Post DOJ Settlement

Following the settlement with the U.S. Department of Justice (DOJ), Binance, the world’s leading crypto exchange by trading volume, has experienced a significant withdrawal of approximately $1.7 billion in digital assets, as reported by Nansen, a blockchain analysis company. This substantial outflow of funds from Binance occurred shortly after the settlement. As of the latest update, Binance’s diverse array of digital currencies amounts to a total value of $64.98 billion.

Post-DOJ Settlement, Binance Faces $1.7 Billion Crypto Exodus, Nansen Data Reveals

In the aftermath of the agreement with the DOJ, Binance has seen a noticeable decrease in its crypto holdings, with Nansen highlighting these movements on Wednesday.

Within just a 12-hour window on Wednesday, the exchange reported a decrease of $17 million in ethereum (ETH) and, within a 24-hour timeframe, a staggering $956 million worth of various prominent cryptocurrencies exited Binance.

By 10:11 a.m. Eastern Time on Wednesday, the total withdrawals from Binance had reached $1.7 billion, according to Nansen.

At noon the same day, the exchange’s reserves stood at $64.98 billion. Of this, 28.94% is in tether (USDT), while bitcoin (BTC) constitutes roughly 28.7% of the portfolio. Ethereum (ETH) accounts for 10.13%, trueusd (TUSD) makes up 4.6%, and BNB represents 4.31%.

The remaining 23.32% of Binance’s reserves is spread across numerous other unnamed cryptocurrencies.

Regarding its bitcoin holdings, Binance has 511,438 BTC, and its tether reserves total $18.8 billion. Binance operates the largest BTC wallet by size, currently holding 248,597 BTC. Notably, this wallet has not recorded any outgoing transactions since January 7, 2023.