In the latest development of the crypto market, Binance's production has increased significantly after Changpeng Zhao resigned as the company's CEO and pleaded guilty to various violations of securities laws during a significant court hearing. It should be noted that the world's leading cryptocurrency exchange experienced a withdrawal surge of over $1 billion in a 24-hour period.
Meanwhile, Zhao's resignation and subsequent $4.3 billion fine against Binance has shaken the industry, indirectly triggering a significant exodus of funds from the crisis-ridden exchange.
As news of Changpeng Zhao's guilty plea and resignation spread, the crypto community reacted swiftly. The latest data from DefiLlama shows massive withdrawals from Binance over 24 hours, exceeding $1 billion, with a net withdrawal of $703.13 million over seven days.
The large withdrawal underscores concerns and uncertainty over the exchange after legal challenges and leadership changes. In other words, this sudden withdrawal comes after a guilty plea by Binance co-founder Changpeng Zhao, who admitted to violating the Bank Secrecy Act.
On the other hand, other exchanges are seeing significant inflows. DefiLama data shows that OKX emerged as the highest net inflow of $152.02 million in the last 24 hours. Additionally, Bybit and Kucoin followed with significant daily inflows of $51.34 million and $31.58 million respectively, signaling a change in user trust and confidence in the cryptocurrency exchange landscape.
At the time of writing, BNB price has declined by 9.91% and is trading at $233.79 on November 22. In contrast, the cryptocurrency's trading volume recorded a 59% increase in the last 24 hours to $2.57 billion at the same time.
Waima despite what happened, the Binance withdrawal exchange, remains the top crypto exchange in terms of asset holdings.
