Binance, the world’s largest cryptocurrency exchange, has experienced a substantial outflow of funds amounting to over $900 million in the past 24 hours. This comes as a result of the former CEO, Changpeng “CZ” Zhao, pleading guilty to money laundering violations. According to DefiLlama, a DeFi TVL aggregator, Binance has recorded $913 million in outflows within the last day, with a net outflow of $605 million over the past week.
Despite these recent developments, Binance still maintains a significant inflow of funds, totaling $1.78 billion over the last month, surpassing other centralized crypto exchanges tracked by DefiLlama. Interestingly, OKX has emerged as the primary beneficiary of customers fleeing Binance, witnessing a net inflow of $146 million in the past day, the highest among all centralized crypto exchanges tracked by DefiLlama. However, it is important to note that non-US users continue to hold their assets on Binance.
