Despite predictions at the end of last year suggesting that the leading cryptocurrency exchange may change hands, on-chain data still shows that Binance’s net inflow of crypto assets far surpasses its competitors.
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Binance founder Zhao Changpeng agrees to resign and plead guilty, and Binance is fined $4.3 billion.
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Net Inflow of Assets from Binance Still Far Exceeds Competitors After Settlement
Binance Shows Clear Signs of Recovery
BNB Rises by 30%, Outperforming the Market
Richard Teng Still Faces Serious Challenges and Regulatory Risks
Net Inflow of Assets from Binance Still Far Exceeds Competitors After Settlement
According to DeFiLlama data, since the settlement with the U.S. Department of Justice on November 21, Binance has seen a net inflow of up to $4.6 billion in crypto assets, far surpassing major competitors OKX and Bybit. It is nearly twice the net inflow of OKX and four times that of Bybit.
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Net Inflow since 11/21
Binance Shows Clear Signs of Recovery
In January 2024 alone, Binance had a net inflow of $3.5 billion, marking its best monthly performance since November 2022.
Furthermore, Binance’s spot trading volume statistics show that December last year was the only month, apart from February, to show an upward trend after nine consecutive months of decline.
Spot Trading Volume Trend on Binance
Bloomberg also noted that BNB has risen by 30% since November 21, outperforming the overall market. Bitcoin, on the other hand, has risen by approximately 16.3% during the same period.
BNB Compared to the Market
Richard Teng Still Faces Serious Challenges and Regulatory Risks
Bloomberg emphasized that Binance’s newly appointed CEO, Richard Teng, still faces a series of challenges, including establishing Binance’s global headquarters, forming a board of directors, and appointing an independent monitor for a period of three years (as negotiated with the U.S. Department of Justice).
In addition, Binance has yet to obtain full licenses in major cryptocurrency centers such as Singapore, Dubai, and Hong Kong, and its litigation with the U.S. Securities and Exchange Commission is not yet fully resolved.
Last year, Binance faced a series of regulatory issues in European Union countries, and although there have been signs of easing, India recently announced a complete ban on nine exchanges (websites and Apple and Google apps), including Binance.
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India delists Binance, Kraken, and nine other exchanges, fully blocking their websites on Google and Apple app stores.
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Richard Teng
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