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Capital flight from the stock market appears to be over

Withdrawals from the cryptocurrency exchange Binance, $4.3 billion defense deal Last week with the US Department of Justice.

Data from blockchain analysis firm Nansen shows that Binance has seen net inflows of $87.4 million into ETH over the past seven days. During the same period, the exchange saw a clear withdrawal of multi-chain tokens, including Ether (ETH), BNBs (BNB), AVAX (AVAX) by Avalanche and MATIC (MATIC) According to Polygon – equal to $59.2 million. Binance users after $4.3 billion deal withdrawn from the platform over a billion dollars.

Since then, Binance users have withdrawn more than $7.62 billion from the exchange, but also deposited $7.56 billion in digital assets. The value of BNB, the official token of Binance’s BNB Smart Chain, has remained virtually unchanged over the past month: around $227.

Immediately after the agreement with the US authorities, Changpeng Zhao resigned as Binance CEO. Shortly after, on November 29, the Chairman of Binance.US also resigned. As part of the deal, Zhao pleaded guilty to money laundering and faces a prison sentence of 18 months to 10 years, depending on interpretation of federal rules. Sentencing is expected in February 2024.

Binance’s former Global Head of Regional Markets, Richard Teng, was appointed CEO following Zhao’s departure. Teng said in his first Binance blog post as CEO: “I am fully committed to the promises of blockchain, including its opportunities to increase financial inclusion, improve cross-border remittances, and reduce transaction costs. I also see the opportunity to give individuals more control over their personal data.

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