Nansen Binance’s funds have not experienced a large-scale outflow.

Nansen Binance's assets have remained stable with no significant outflows.

Author: Ben Strack, Blockworks
Translator: Shane Oba, LianGuai

Nansen’s data shows that after agreeing to pay $4.3 billion on Tuesday, there are still about $65 billion worth of assets remaining on Binance.

Although Binance has seen a value outflow of about $1 billion during the process of reaching a settlement with US regulators and the resignation of founder Zhao Changpeng as CEO, the outflow of funds from the exchange has stabilized.

Blockchain analysis firm Nansen said in an article on Wednesday that although withdrawals are still ongoing, “we have not seen massive outflows of funds.”

• Bank of Korea launches CBDC pilot. 100,000 Koreans will get a taste of digital won.
• Code Analysis Why Blast is not L2 at all
• Why is it said that Blast is a feast for the wealthy and doomsday for the little guys?

In the past 24 hours until 6:30 a.m. Eastern Time on Wednesday, Binance saw a net outflow (more value left the exchange than entered) of $956 million, the company said.

However, these net outflows have slowed down, as only $17 million flowed out in the previous hour.

A spokesperson for Nansen said in an email, “Binance has seen significant outflows of exchange funds since the announcement, but this is relatively small compared to its total assets. There are still over $65 billion worth of assets on the platform.”

At the time, Tether (USDT) and Bitcoin (BTC) accounted for the majority of holdings on Binance, each with a value of nearly $19 million.

There are still about $2.8 billion worth of Binance Coin (BNB) on the exchange. As of 10 a.m. Eastern Time, the price of BNB was approximately $231.50, down 9.3% in the past 24 hours and about 1% in the past hour.

On Tuesday, the U.S. Department of Justice said that Binance has agreed to pay a $4.3 billion fine and forfeiture. Binance and Zhao Changpeng were accused of violating anti-money laundering laws and sanctions regulations after an unsealed indictment was made public. Zhao Changpeng also agreed to step down as CEO.

Industry observers say that the guilty pleas from Binance and Zhao Changpeng could have a positive impact on the field, especially since the exchange appears to continue operating.

In an article on Tuesday, Zhao Changpeng said, “Binance will continue to grow and achieve outstanding results with its strong team” and appointed former Global Regional Markets Head, Dinh Jianjun, as CEO.

“It is positive to see the collaboration between the U.S. Department of Justice and Binance to resolve the issue, thereby avoiding the collapse of Binance,” said Tim Bevan, CEO of ETC Group, in a statement. “Market reactions – the price of BNB coin and withdrawals from Binance – so far indicate that Binance can withstand these penalties.”

In a post, Teng referred to Binance’s strong underlying business fundamentals and quoted a post by Coinbase director Conor Grogan stating that the exchange has $6.35 billion in total assets, excluding funds held offline or in wallets.

Data provider Truflation’s CEO Stefan Rust believes that considering Binance’s financial reserves, the fine is relatively small, making the company’s “financial condition extremely robust.”

Rust added, “Legalization of one of the industry’s largest players will also help existing businesses feel some comfort, allowing us all to enter a new bull market.”

We will continue to update Blocking; if you have any questions or suggestions, please contact us!