Binance Reports BTC and ETH Outflux Worth $3.7B in a Month

Binance, the world’s largest cryptocurrency exchange by trading volume, witnessed astonishing outflows of $3.7 billion in Bitcoin and Ethereum tokens in just 30 days.

According to news sources, these withdrawals are tied to ongoing concerns and allegations surrounding Binance’s treatment of Palestinian users. The crypto community is buzzing with activity, as these significant outflows have sparked both market concern and debate.

In the past month, 51,398 BTC and 275,200 ETH were withdrawn from Binance, marking a notable shift in the exchange’s balance sheet. Data from Coinglass reveals that the most significant portion of these withdrawals occurred on August 27, with around 48,000 BTC leaving the platform in a single day.

This mass exodus of BTC and ETH coincides with reports that Binance froze the assets of several Palestinian users, a move that has ignited widespread criticism and fueled the #BoycottBinance movement.

The outflows have raised eyebrows across the crypto world, with many users concerned about the potential implications for Binance’s standing in the market. However, despite these massive withdrawals of BTC and ETH, Binance remains the second-largest holder of both cryptocurrencies, with a current balance of 566,113 BTC and 3.44 million ETH. This still positions Binance just behind Coinbase, which leads the market with 824,887 BTC and 4.44 million ETH, according to data provided by Coinglass.

BTC and ETH Exodus Linked to Palestinian Asset Freeze

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The substantial outflow of BTC and ETH from Binance has been linked to claims by Ray Youssef, co-founder and former CEO of Paxful, that the exchange seized assets belonging to Palestinian users. The BIT Journal reports that this claim has caused a stir within the crypto community, leading to widespread dissatisfaction and prompting many to withdraw their funds from Binance. The exchange, however, has responded by stating that only a limited number of accounts were affected due to its stringent anti-money laundering and counter-terrorism financing policies.

As tensions rise, pro-Palestine advocates have taken to social media, particularly on X, to express their outrage. The #BoycottBinance hashtag has gained momentum, with users deleting their Binance accounts in protest against what they perceive as unjust treatment. This movement has not only impacted Binance’s reputation but also contributed to the ongoing outflow of BTC and ETH, as users seek safer and more reliable platforms to store their assets.

BTC and ETH Markets Watch Closely as Controversy Unfolds

As the situation continues to develop, the market is keeping a close eye on how the outflows of BTC and ETH might impact Binance and the broader cryptocurrency landscape. The removal of $3.7 billion worth of BTC and ETH from the exchange is a significant event, and the reasons behind it have only added to the growing uncertainty. For now, Binance maintains its position as a major player, but the impact of these events could reverberate throughout the crypto industry.

BTC and ETH withdrawals from Binance have reached alarming levels, driven by concerns over the platform’s policies towards Palestinian users. The BIT Journal has been closely following the developments, reporting that this controversy has led to a massive outflow of funds from the exchange. As more users turn away from Binance, the crypto community remains on edge, waiting to see how these events will unfold and what it means for the future of BTC and ETH on the platform.

This situation serves as a reminder of the fragile nature of trust in the cryptocurrency world, where decisions made by exchanges can have far-reaching consequences.