The Aftermath of Binance Billion Outflow: CZ’s Legal Issues Examined
After Changpeng ‘CZ’ Zhao, former CEO of Binance, pleaded guilty to money laundering charges and agreed to a $4.3 billion settlement with the U.S. Justice Department, the world’s largest crypto exchange experienced a significant ‘Binance billion outflow’. Within 24 hours, more than $1 billion was withdrawn, contributing to a net outflow of $703 million over the past week. Despite this, Binance recorded net inflows of $1.68 billion in the past month, retaining its leading position among all centralized crypto exchanges. This ‘Binance billion outflow’ also witnessed a shift in user loyalty, with OKEx making substantial gains. The repercussions of the settlement also led to the liquidation of Crypto Futures Bets worth more than $200 million. With Binance currently facing two civil lawsuits in the United States, the future remains uncertain.
