Binance Experiences Massive Withdrawals as Customers Are Disturbed by the Reserve Report

Within the last 24 hours, customers have made withdrawals of close to a billion dollars from the platform as they become concerned about the proof of its financial reserve report. According to the information gathered by a blockchain intelligence platform, Nansen, $902 million has left the platform in the past 24 hours. This is a huge outflow of funds for one day on an exchange platform.

But, according to a statement made on Telegram by Henry Fisher, an analyst for Arkham, he said that the withdrawal should not be a big deal, since Binance still has $64 billion worth of investments on its platform. A series of rumors about Binance triggered this massive withdrawal as people became concerned. Since the FTX collapse, investors seem to have become more cautious of their investments in centralized exchange platforms.

Criminal Allegations Against Binance
After Binance released its audit report last week, it was discovered that it has a large number of funds in Bitcoin. On Monday, Reuters reported that Binance is to receive criminal charges for money laundering. Binance’s CEO, Changpeng Zhao, urges in a tweet that investors should ignore the spread of news that causes investors anxiety.

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