Binance outflows reach $1.2b in past 7 days

Following the $4.3 billion fine by the U.S. Department of Justice (DoJ), Binance’s outflow has surpassed the $1 billion mark over the past week.

According to data provided by DeFi Llama, Binance witnessed a negative net outflow of $1.2 billion in the past seven days. This comes while the largest crypto exchange saw a $462 million outflow in the past 24 hours alone, per the data aggregator. 

Nansen reported on Nov. 22 that Binance’s outflows continue while a mass exodus of funds has not yet occurred.

Per DeFi Llama, only Bitstamp saw a higher outflow of funds in the past 24 hours than Binance — reaching a negative net flow of $498.59 million. Huobi comes third, after Binance, with a total outflow of almost $79 million over the past day. 

Moreover, the total amount of Binance’s clean assets — funds excluding the exchange’s own tokens — still stands at over $60 billion, according to the data aggregator. 

Per a crypto.news report on Nov. 22, the new Binance CEO Richard Teng stated his optimism for managing the current situation at the company. Teng added that the exchange will not face any financial problems despite the $4.3 billion penalty from the U.S. DoJ.

As per the U.S. Treasury Department, Binance is facing criminal charges for “willfully failing” to report over 100,000 transactions relating to fraudulent activities and scams.