{"id":51890,"date":"2022-12-14T14:07:20","date_gmt":"2022-12-14T14:07:20","guid":{"rendered":"http:\/\/nationaltimes.pk\/eng\/?p=51890"},"modified":"2022-12-14T14:07:20","modified_gmt":"2022-12-14T14:07:20","slug":"crypto-firm-binance-says-deposits-returning-after-heavy-withdrawals","status":"publish","type":"post","link":"https:\/\/nationaltimes.pk\/eng\/2022\/51890\/","title":{"rendered":"Crypto firm Binance says deposits returning after heavy withdrawals"},"content":{"rendered":"<p>LONDON\/SINGAPORE (National Times) &#8211; The head of major crypto exchange Binance said on Wednesday deposits were returning, a day after it saw heavy outflows of cryptocurrencies and halted some stablecoin withdrawals.<\/p>\n<p>On Tuesday, blockchain data firm Nansen said Binance saw withdrawals of $1.9 billion in 24 hours, the largest such outflow since June. Users had pulled out $3.7 billion in crypto over the seven days to Tuesday, it later added.<\/p>\n<p>Binance, the world\u2019s largest crypto exchange, also temporarily halted withdrawals of the major USDC stablecoin, citing a so-called &#8220;token swap&#8221;.<\/p>\n<p>&#8220;Things seem to have stabilised,&#8221; CEO Changpeng Zhao tweeted. &#8220;Yesterday was not the highest withdrawals we processed, not even top 5.&#8221;<\/p>\n<p>Binance has seen net inflows in the last 24 hours of tokens on the ethereum blockchain totalling around $718 million, Nansen told Reuters. Binance did not immediately respond to a request for comment.<\/p>\n<p>How crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits has come under close scrutiny from users, regulators and policymakers.<\/p>\n<p>Binance said on Tuesday it always had &#8220;more than enough funds&#8221; to meet withdrawal requests. &#8220;User assets at Binance are all backed 1:1 and Binance\u2019s capital structure is debt free,&#8221; a spokesperson said.<\/p>\n<p>The exchange is also facing legal pressures. Splits between U.S. Department of Justice prosecutors are delaying the conclusion of a long-running criminal investigation focused on Binance\u2019s compliance with U.S. anti-money laundering laws and sanctions, Reuters reported on Monday, sparking a 4% drop in Binance\u2019s own BNB token.<\/p>\n<p>Nansen CEO Alex Svanevik told CNBC that the reporting had lead to &#8220;concern in the market&#8221; with investors staying cautious and withdrawing crypto from exchanges.<\/p>\n<p>&#8220;FUD brought &#8220;stress test&#8221;, which in turn helps to build the credibility for exchanges that passes the test,&#8221; Zhao tweeted on Wednesday, using an acronym for &#8220;fear, uncertainty and doubt&#8221; often used in crypto in relation to news perceived as negative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON\/SINGAPORE (National Times) &#8211; The head of major crypto exchange Binance said on Wednesday deposits were returning, a day after it saw heavy outflows of cryptocurrencies and halted some stablecoin withdrawals. On Tuesday, blockchain data firm Nansen said Binance saw withdrawals of $1.9 billion in 24 hours, the largest such outflow since June. Users had [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":51892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-51890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto firm Binance says deposits returning after heavy withdrawals - Nation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationaltimes.pk\/eng\/2022\/51890\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto firm Binance says deposits returning after heavy withdrawals - Nation\" \/>\n<meta property=\"og:description\" content=\"LONDON\/SINGAPORE (National Times) &#8211; The head of major crypto exchange Binance said on Wednesday deposits were returning, a day after it saw heavy outflows of cryptocurrencies and halted some stablecoin withdrawals. On Tuesday, blockchain data firm Nansen said Binance saw withdrawals of $1.9 billion in 24 hours, the largest such outflow since June. 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On Tuesday, blockchain data firm Nansen said Binance saw withdrawals of $1.9 billion in 24 hours, the largest such outflow since June. 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