Binance Sees $1.7 Billion in Withdrawals Post DOJ Settlement, Nansen Reports Decline in Crypto Reserves

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.

What do you think about Binance’s outflows over the past day? Share your thoughts and opinions about this subject in the comments section below.