Binance

U.S prosecutors are considering criminal charges against crypto exchange Binance and individual executives, including founder and CEO Changpeng Zhao, Reuters ...

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/). [strict set of editorial policies](/ethics/). "As has been reported widely, regulators are doing a sweeping review of every crypto company against many of the same issues.

U.S. federal prosecutors are said to be looking at filing money laundering charges in a years-long investigation of major crypto exchange Binance. Such a ...

[collapse of the FTX exchange](https://www.investopedia.com/what-went-wrong-with-ftx-6828447), which rocked the industry. First, as rumors of FTX's insolvency began to circulate, Binance pulled the plug on [$529 million in FTX](https://www.investopedia.com/binance-to-sell-ftt-6826211) token holdings, a move that undermined its now-bankrupt rival. Binance's defense attorneys have met with DOJ officials about possible plea deals, per the report. Keep building!" 12, Zhao, 45, said: "Ignore FUD. [Binance](https://www.investopedia.com/terms/b/binance-exchange.asp), the largest [cryptocurrency exchange](https://www.investopedia.com/tech/what-are-centralized-cryptocurrency-exchanges/), and its top executives with money laundering and sanctions violations, the latest twist in a probe that began in 2018 and gained traction during the FTX collapse that shocked the industry.

The US Justice Department has been investigating crypto exchange Binance over money laundering violations, Reuters reported Monday.

Consumers are hungry for reassurance as fear, uncertainty and doubt pollute the crypto landscape. The crypto industry is equally eager to shore-up user ...

[Tether (USDT)](https://www.pymnts.com/cryptocurrency/2022/ftx-collapse-renews-microscope-on-tether-stablecoin-backing/), which are supposedly backed by fiat currencies on a 1-to-1 basis, help facilitate the bulk of crypto transactions. It remains unclear even who Binance’s ultimate parent company is, although the enterprise’s founder — CZ — is listed as the majority owner of the Binance.com exchange and Binance’s U.S. consumers to analyze consumers’ dilemma and reveal how merchants can win over holdouts. Still, it did not expand the scope of its audit to any of the many other cryptocurrencies held and traded on Binance. anti-money laundering (AML) laws has been ongoing since 2018. It is hardly a reassuring conclusion for retail investors who trusted their money with the exchange or plan to. As a private company, Binance is permitted to keep its financial statements, well, private. They are particularly helpful for making exchanges like Binance, Coinbase and FTX, run smoothly. As with FTX and most other exchanges, Binance employs a complex corporate structure made up of various affiliates licensed across far-reaching jurisdictions. Consumers are hungry for reassurance as fear, uncertainty and doubt pollute the crypto landscape. [recovery funds](https://www.pymnts.com/cryptocurrency/2022/binance-ceo-zhaos-crypto-recovery-fund-proposal-draws-support/) for both itself and the broader crypto industry has done little to soothe investor concerns. When FTX began to unravel in November,

When the crypto market melted down, Binance appeared as both the main antagonist and market savior. The exchange started the run that felled its rival, FTX, ...

[November 11:](https://www.cnbc.com/2022/11/11/sam-bankman-frieds-cryptocurrency-exchange-ftx-files-for-bankruptcy.html) FTX files for Chapter 11 bankruptcy. [November 9:](https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html) Binance rescinds the buyout offer. [November 25:](https://forkast.news/headlines/binance-says-it-will-set-up-us1-billion-recovery-fund-for-distressed-crypto-businesses/) Binance says it will set up a $1 billion recovery fund for the industry. [November 6:](https://www.coindesk.com/business/2022/11/06/binance-sells-holdings-of-ftx-token-as-alameda-ceo-defends-firms-financial-condition/) Binance sells its FTT tokens, pushing down the price of FTT and starting a run on FTX. [November 8:](https://www.reuters.com/markets/currencies/cryptocurrencies-slide-concerns-over-ftx-exchange-rattle-markets-2022-11-08/) Binance offers to buy rival FTX. [November 2:](https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/) CoinDesk published a story revealing that a chunk of Alameda’s balance sheet was made up of FTX’s native exchange token FTT.

John Reed Stark, a former U.S. Securities and Exchange Commission (SEC) regulator, said that Binance's recent “proof of reserves” report is how he defines a ...

Binance has gone to great lengths to verify its financial footing after FTX slid into bankruptcy last month. Stark worked for the SEC for 18 years, founding the Commission’s Office of Internet Enforcement. Stark compared this to bringing someone into your house to inspect it for fire safety, only for them to tell you that they are not sure whether their inspection procedures were any good. A “Merkle Tree” is a cryptographic tool that allows for “the consolidation of large amounts of data into a single hash,” [a recent tweet](https://twitter.com/JohnReedStark/status/1598703793146830848?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1598703793146830848%7Ctwgr%5E5854473c2cacc05b290fbd0004623595c85cf2b3%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcoinedition.com%2Fex-sec-official-calls-tether-usdt-a-ponzi-house-of-cards-scheme%2F), pointing to “evasion/deflection/lack of responsiveness” on the part of the stablecoin giant. [that](https://twitter.com/JohnReedStark?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor) Binance’s recent “proof of reserves” report is how he defines a “red flag.”

An investment manager and ex-member of the Financial Accounting Standards Board (FASB) claimed that a recent report by global auditing and consulting firm, ...

Do Kwon, the founder and CEO of Terraform Labs, is believed to have fled to Siberia from Singapore to avoid a government probe. Otherwise, we will be paying users to lose their API keys. "Mamba, there is no way for us to be sure users didn't steal their API keys.

Binance, the world's largest exchange by trade volume, witnessed a spike in fear, uncertainty and doubt (FUD) surrounding its proof of reserves report.

The author makes no representations as to the accuracy, completeness, or suitability of this information. Binance didn’t meet the 1:1 ratio of customer reserves to customer assets. The author will not be held responsible for information that is found at the end of links posted on this page. The fund is made up of Bitcoin and two tokens created by Binance. are included in the report as the scope was limited to Bitcoin assets and liabilities. On the exchange’s website, Binance explains that proof of reserves specifically refers to assets held in custody for users. The exchange informed users on November 9 that SAFU balance was topped back to $1 billion. It remains unclear whether all the assets of Binance Capital Management Co. The firm’s letter, however, was not a full audit report and didn’t address the effectiveness of the company’s internal financial-reporting controls. The reserve report is a five-page letter from a partner at a South African affiliate of Mazars. Jesse Powell, co-founder and CEO of Kraken exchange, Binance’s competitor, believes that the platform made an attempt to prove collateral rather than reserves in its report. While the exchange attempts to shore up investors' confidence, crypto Twitter buzzes with speculation that Binance is less than 100% collateralized, a red flag for the exchange’s solvency.

Binance positions itself as the world's leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of ...

[Website](https://minepi.com/) [Website](https://www.certik.com/) [Docs](http://docs.coredao.org/) [Website](http://coredao.org/) [GitHub](https://www.reddit.com/r/0xPolygon/) [ annual BreakPoint conference.](https://www.bsc.news/post/solana-labs-ceo-anatoly-breaks-down-solanas-web3-future-at-breakpoint-day-1) There have also been partnerships with Instagram, Helium, and projects associated with Jump and Coral. [Website](https://polygon.technology/) This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. [Telegram](https://t.me/BinanceExchange) [Discord](https://discord.com/invite/vKNp6qxw7a) [Website](https://www.binance.com/en) [CEO Changpeng Zhao (CZ)](http://bsc.news/post/influential-crypto-figures-who-is-changpeng-zhao-cz-binance) has taken to Twitter to calm users and investors publicly.

The Block confirmed Friday it had received funding from Sam Bankman-Fried's trading arm for two years.

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/). [LINK](https://www.coindesk.com/price/chainlink/)): Chainlink’s new “staking” program was intended to be broad-based by limiting each wallet to 7,000 LINK tokens. But blockchain data shows one large holder – a “whale,” in crypto parlance – recently was able to [get around the limits by creating more than 150 addresses](https://www.coindesk.com/business/2022/12/12/chainlink-whale-oldwhite-used-more-than-150-wallets-to-avoid-staking-limits/) – and then staking the full 7,000 LINK allotment from each of them. [strict set of editorial policies](/ethics/). [Crypto Markets Today](https://www.coindesk.com/newsletters/market-wrap/), CoinDesk’s daily newsletter diving into what happened in today's crypto markets. - According to a Binance spokesperson, “As has been reported widely, regulators are doing a sweeping review of every crypto company against many of the same issues. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of [stock appreciation rights](https://www.investopedia.com/terms/s/sar.asp), which vest over a multi-year period. The decline violated the DAO's 3% price fluctuation threshold for price fluctuations to be considered de-pegs. - Binance refuted the Reuters article in a statement. Historical pricing data on bitcoin suggests crypto winter will likely worsen next month. - Prosecutors in the U.S. Ether followed a similar pattern, sliding below $1,250 before regaining ground to trade at about $1,275, up slightly from Sunday, same time.

The so-called proof-of-reserves report was released on December 7 in the form of a 5-page PDF document prepared by the global accounting firm Mazar's South ...

This is how I define a ‘red flag’,” Stark wrote in a The report was based purely on an “Agreed-Upon Procedures (“AUP”) engagement,” and is therefore limited in scope. And we know in the US, even with all the good systems, banks have occasionally been caught off-guard,” Schroeder said. “Binance’s ‘proof of reserve’ report doesn’t address effectiveness of internal financial controls, doesn’t express an opinion or assurance conclusion and doesn’t vouch for the numbers. Carmichael, who is also a former chief auditor of the U.S. It has also never indicated that it plans to do so.

Binance endured $902 million of net outflows in the past 24 hours, according to data by Nansen. ... Binance, the world's largest crypto exchange by trading volume ...

[Wintermute](https://www.coindesk.com/markets/2022/11/11/wintermute-ceased-trading-and-moved-funds-from-crypto-exchange-ftx-us-before-warning/) acknowledged in a [tweet on Nov. 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/). [strict set of editorial policies](/ethics/). [a report by auditing firm Mazars](https://www.coindesk.com/business/2022/12/07/binances-bitcoin-reserves-are-overcollateralized-says-audit/) last week claiming that its bitcoin ( [BTC](https://www.coindesk.com/price/bitcoin/)) reserves are overcollateralized. [Industry experts](https://twitter.com/JohnReedStark/status/1601760070806560768) and recent [reports](https://www.wsj.com/articles/binance-is-trying-to-calm-investors-but-its-finances-remain-a-mystery-11670679351) flayed the document for its narrow scope, and on Monday, Reuters [reported](https://www.coindesk.com/business/2022/12/12/us-prosecutors-look-to-charge-binance-and-cz-for-possible-money-laundering-violations-reuters/) that U.S. 9](https://www.coindesk.com/business/2022/11/09/who-still-has-exposure-to-ftx/) that some funds remained on Sam Bankman-Fried’s crypto exchange FTX, which imploded last month in spectacular fashion. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of [stock appreciation rights](https://www.investopedia.com/terms/s/sar.asp), which vest over a multi-year period. Binance didn’t reply to a request for comment. [Circle’s USDC](https://www.coindesk.com/price/usd-coin/) stablecoin. [in a tweet](https://twitter.com/cz_binance/status/1602322435382157312?s=20&t=IxK3EDcBVa3qFblah9mhxw). [$64 billions of assets](https://portfolio.nansen.ai/dashboard/binance) on Binance. [FTX filed for bankruptcy protection](https://www.coindesk.com/policy/2022/11/11/ftx-files-for-bankruptcy-protections-in-us/), according to data provided by blockchain data platform Arkham Intelligence.

Changpeng Zhao, CEO of Binance, tweeted on Tuesday that the exchange is seeing an increase in withdrawals of USDC.

[critics](https://www.wsj.com/articles/binance-is-trying-to-calm-investors-but-its-finances-remain-a-mystery-11670679351) have said that the proof of reserves have not gone far enough to give assurances of Binance's collateral. Reuters, citing four people familiar with the matter, reported that the investigation is focused on Binance's compliance with anti-money laundering laws. Department of Justice prosecutors are delaying the conclusion of a criminal investigation into Binance. Zhao said that any transfers into USDC from the stablecoin known as PAX, as well as Binance's own token BUSD, require routing through a bank based in New York which is not yet open. USDC is used by investors to trade in and out of different cryptocurrencies without the need to move money back into U.S. Binance has more than $60 billion of assets on its platform, Nansen said. [Reuters](https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/) that U.S. That means it has enough assets to cover customer deposits. If traders are withdrawing USDC from Binance, it could be to move it onto another platform. There is no indication of any such trouble for Binance. - Binance, the world's largest cryptocurrency exchange, paused withdrawals of the stablecoin USDC on Tuesday while it carried out a "token swap." Changpeng Zhao, CEO of Binance, tweeted that the exchange is seeing an increase in withdrawals of USDC, a cryptocurrency known as a stablecoin because it is pegged one-to-one with the

The Binance CEO said that swapping USDC Coin with two other crypto tokens – Paxos Standard and Binance USD – requires using traditional dollars at a bank in ...

Binance is reportedly ramping up its legal department amid a DOJ probe and a slew of charges tied to the exchange's alleged money laundering conspiracy and ...

Craig Wright](https://coingeek.com/news/tag/dr-craig-wright/), author of the [Bitcoin white paper](https://craigwright.net/bitcoin-white-paper.pdf). The [Wall Street Journal](https://www.wsj.com/articles/rivals-worried-sam-bankman-fried-tried-to-destabilize-crypto-on-eve-of-ftx-collapse-11670597311), which received copies of the same messages, said the chat also included [Jesse Powell](https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjmrp3ko_X7AhW5ATQIHRvPDhYQFnoECAsQAQ&url=https%3A%2F%2Fcoingeek.com%2Fjesse-powell-of-kraken-joins-crypto-ceo-skedaddle%2F&usg=AOvVaw0TehjBXjPdxYdipVVHft2y), co-founder of the U.S.-based [Kraken](https://coingeek.com/news/tag/kraken/) exchange, [Tron](https://coingeek.com/news/tag/tron/) founder [Justin Sun](https://coingeek.com/news/tag/justin-sun/) and Tether’s chief technology officer [Paolo Ardoino](https://coingeek.com/tether-execs-bat-away-cnbc-questions-on-usdt-lack-of-transparency/). If [‘financial criminals are counting on us’](https://coingeek.com/binance-at-the-center-of-100m-digital-currency-scam-in-pakistan/) is the best argument Binance has, CZ will likely need more than Tai Chi to fend off any amorous cellmates. [actively colluded to delist BSV](https://coingeek.com/roger-ver-the-notorious-nexus-in-exchanges-bsv-delisting-campaign/) based on their opposition to [Dr. Two-thirds of the original billion dollars in this fund was comprised of BUSD and BNB, while the additional billion CZ announced would be allocated to the fund was [entirely made up of BUSD](https://twitter.com/cz_binance/status/1596024244537737216). But so great was the need for FTX/Alameda to raise some quick cash that SBF allegedly [tried to short Tether](https://www.marketwatch.com/story/ftxs-affiliated-trading-firm-alameda-appears-to-have-shorted-tether-11668122483), a strategy that didn’t endear SBF to CZ. At the time of BUSD’s launch in 2019, CZ referred to it as “our native stablecoin.” But as BUSD came under greater scrutiny, CZ’s [narrative shifted](https://coingeek.com/changpeng-zhao-distances-binance-from-busd-as-more-regulators-tighten-oversight/) to the claim that the U.S.-based Paxos is the one that issues BUSD, while Binance “lend branding support only.” CZ [claimed](https://twitter.com/cz_binance/status/1602323383554809857) that “Now we really know…” who allegedly ‘paid’ for [a July report by Bloomberg](https://coingeek.com/binance-ceo-changpeng-zhao-sues-bloomberg-hypocrisy-much/) that made similar claims regarding Binance’s legendary disdain for the rule of law. [‘Tai Chi’ strategy](https://coingeek.com/crypto-crime-cartel-leaked-binance-strategy-shows-law-enforcement-must-prosecute-now/) of setting up a separate, more compliant [U.S.-focused exchange](https://coingeek.com/crypto-crime-cartel-binance-probe-confirms-much-of-what-its-leadership-has-spent-years-denying/) as a way to “insulate” the dot-com mothership from unwanted American scrutiny. While CZ has touted the attestation as a formal audit, Mazars defines [its report](https://veritas.mazars.com/binance/Binance_POR_Report_7_December_2022.pdf) as being based on ‘Agreed-Upon Procedures’ (AUP), which involves “performing the procedures that have been agreed with Binance.” Department of Justice (DOJ) are preparing charges of unlicensed money transmission, [money laundering conspiracy](https://coingeek.com/us-authorities-sought-binance-internal-docs-on-money-laundering/), and [criminal sanctions violations](https://coingeek.com/ayatollah-you-so-binance-flips-off-us-economic-sanctions-on-iran/) against Binance. [Reuters](https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/) reported that officials at the U.S.

LONDON: Binance, the world's biggest crypto exchange, said on Tuesday (Dec 13) it had "temporarily paused" withdrawals of the major stablecoin USDC.

USDC, issued by US-based firm Circle, is the world's second-biggest stablecoin. We expect the situation will be restored when the banks open." "User assets at Binance are all backed 1:1 and Binance's capital structure is debt free," the person said. Some days we have net withdrawals; some days we have net deposits." The report showed its holdings of bitcoin exceeded customer deposits on a single day in November. Advertisement

Splits between U.S. Department of Justice prosecutors are delaying a long-running criminal investigation into the cryptocurrency exchange Binance.

Binance has hired a former chief of MLARS, Kendall Day, a partner at Gibson Dunn, to engage in discussions with the Justice Department. MLARS has a reputation in the Justice Department for moving slowly in reaching prosecution decisions, people familiar with its activities said. Binance told Reuters, "We are proud to have in our ranks some of the most celebrated cyber investigators representing virtually every single major international law enforcement agency across the globe." This extended, the person told the advisor, to Zhao's approvals for financial decisions at Binance.US, the separate American exchange which publicly says it is "fully independent" of the main Binance platform. A summary of a company meeting in October 2018, attended by Zhao, said, "Lawyer up in the US, address regulatory risks." In a bankruptcy hearing, attorneys for FTX said the exchange was run as a "personal fiefdom" of Bankman-Fried. Binance began to address the chances of U.S. Binance has disputed the articles, calling the illicit-fund calculations inaccurate and the descriptions of its compliance controls "outdated." sanctions, and plotted to evade regulators in the United States and elsewhere. The new reporting shows that the case has shadowed Binance for most of its five years in existence, shaping Zhao's management of the company while he drove its explosive growth around the world. The Justice Department declined to comment. Through interviews with almost a dozen people familiar with the case, including current and former U.S.

Binance Holdings Ltd., the dominant cryptocurrency exchange, has been hit by large outflows as traders move to take custody of their tokens amid revelations ...

[Nansen](https://pro.nansen.ai/exchange-flows/exchanges) as of 9:20 a.m. [Binance Holdings Ltd.](/quote/1624796D:CH), the dominant cryptocurrency exchange, has been hit by large outflows as traders move to take custody of their tokens amid revelations that rival FTX may have misused customer funds before its November implosion. Net outflows of digital tokens from Binance amounted to about $3.7 billion in the past week, including almost $2 billion in the last 24 hours, according to data from research firm

Bitcoin withdrawals surge thanks to Binance FUD as BTC price sees continued strength.

[taking critics to task](https://twitter.com/cz_binance/status/1602579499903852544) and Sun performing a $100 million deposit back to Binance, users were quick to remove their own funds from their accounts. At the time, however, [Binance’s BTC balance actually increased](https://cointelegraph.com/news/us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week) [.](https://cointelegraph.com/news/us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week) [joked](https://twitter.com/Pentosh1/status/1602515956563058689) as the FUD precipitated BNB/USD weakness. “You can FUD about someone without explicitly mentioning their name, which spreads awareness. [sharing](https://twitter.com/binance/status/1602287184400326656) a statement from Binance refuting the report’s claims.

BINANCE, the world's biggest crypto exchange, said on Tuesday (Dec 13) it had “temporarily paused” withdrawals of the major stablecoin USDC.

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."

The world's largest cryptocurrency exchange by trading volume saw withdrawals jump at the start of the week. Traders are on edge following a series of ...

The company operates in a way to "ensure that we always have more than enough funds to fulfill withdrawal requests," he said.\n\nChangpeng Zhao, Binance’s chief executive, said on Twitter that the exchange has seen an increase in withdrawals of USDC, a so-called stablecoin whose value is pegged to the dollar. That was less than the $2.3 billion pulled in the week that followed FTX's implosion.\n\n"People deposit and withdraw assets everyday for a variety of different reasons," said a Binance spokesman. Concerns over Binance have amplified following its recent release of a narrow “proof of reserve report” that left investors with questions about the state of its finances.\n\nNet outflows, the difference between the value of assets arriving and leaving the exchange, totaled $1.6 billion over the prior 24 hours as of about 1:30 a.m.

Scrutiny of how crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and ...

We expect the situation will be restored when the banks open." The exchange is already under pressure from authorities. This is business as usual." User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free." The report showed its holdings of bitcoin exceeded customer deposits on a single day in November. Advertisement

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 ...

For cost savings, you can change your plan at any time online in the “Settings & Account” section. Compare Standard and Premium Digital For a full comparison of Standard and Premium Digital,

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.

LONDON - Binance has seen withdrawals of US$1.9 billion (S$2.5 billion) in the last 24 hours, blockchain data firm Nansen said on Tuesday (Dec 13), ...

The report showed its holdings of bitcoin exceeded customer deposits on a single day in November. We expect the situation will be restored when the banks open.” “The banks are not open for another few hours. User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free.” The exchange is already under pressure from authorities. FTX’s founder Sam Bankman-Fried was charged by the US Securities and Exchange Commission on Tuesday with defrauding investors.

Swyftx buys the vast majority of its cryptocurrency on behalf of its 600,000 Australian customers through an API – a software tool that integrates different ...

Connect with Jessica on [[email protected]](mailto:[email protected]) Swyftx is But one former company insider said Swyftx’s internal finances are not as clearly demarcated as the company suggests. [Jessica Sier](/by/jessica-sier-j7ge4)writes on technology, internet culture, cryptocurrencies and software from our Sydney newsroom. Swyftx customer withdrawals, which are visible due to the public nature of the blockchain, have shown that Swyftx customer cryptocurrencies have been transferred directly out of Binance wallets. “We undertake a daily reconciliation of the balance of customer assets held in our wallets, liquidity partners, and bank accounts against the balance of assets owed to our customers via our internal ledger (a process also verified and tested by independent auditors),” the Swyftx spokesperson said.

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.

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

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.