Commentary on Political Economy

Tuesday 13 December 2022

Binance outflows hit billions in 24 hours

Suvashree Ghosh

Binance Holdings, the dominant cryptocurrency exchange, has been hit by large outflows as traders move to take custody of their tokens amid revelations that rival FTX may have misused customer funds before its November implosion.

Net outflows of digital tokens from Binance amounted to about $US3.7 billion ($5.4 billion) in the past week, including almost $US2 billion in the last 24 hours, according to data from research firm Nansen as of 9.20am on Tuesday in London. 

Suvashree Ghosh

Binance Holdings, the dominant cryptocurrency exchange, has been hit by large outflows as traders move to take custody of their tokens amid revelations that rival FTX may have misused customer funds before its November implosion.

Net outflows of digital tokens from Binance amounted to about $US3.7 billion ($5.4 billion) in the past week, including almost $US2 billion in the last 24 hours, according to data from research firm Nansen as of 9.20am on Tuesday in London. 

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