Crypto exchange Binance sees over $1B in outflows after CEO exit - report

Cryptocurrency exchange Binance has processed more than $1B in outflows in the past 24 hours after founder and CEO Changpeng Zhao agreed to resign as part of a huge settlement with the U.S. Department of Justice, CNBC reported Wednesday, citing blockchain analysis firm Nansen. On Tuesday, Binance agreed to pay $4.3B in penalties to the Justice Department, putting an end to a years-long investigation into the world's largest crypto trading platform. Zhao also pleaded guilty to allegedly violating criminal U.S. anti-money laundering requirements The magnitude of the outflows, which don't include bitcoin ( BTC-USD ), align with what happened in June when Binance and Zhao were charged with a slew of securities violations by the Securities and Exchange Commission. Even so, Binance has over $65B of assets, according to Nansen, suggesting that the exchange has enough cushion to survive an abrupt rush of withdrawals among investors, CNBC reported. Binance coin ( BNB-USD ), the exchange's native token, extended its losses on Wednesday, sliding 4.9% to $231 per coin at 12:18 p.m. ET. More on Binance Binance unveils self-custody Web3 wallet Mastercard to end crypto card pact with Binance in LatAm, Middle East Binance sells Russia operations to CommEX