A Forbes research showed that the withdrawal situation from Binance, the world's leading cryptocurrency exchange, is worse than CEO Changpeng Zhao (commonly known as CZ) announced last month, and is getting more and more serious. Even after Zhao's announcement that the situation has stabilized, withdrawals from the exchange still continue. According to the cryptocurrency analytics company Defillama, on Friday, customers withdrew 360 million US dollars. Nansen, an alternative cryptocurrency data collection company, recorded that Binance lost $3 billion in the previous week, which was 4 percent of its total assets at that time.
After Zhao downplayed the amount of funds withdrawn from the Nansen report on his Twitter the same day, Forbes reported that more than 15% of Binance's funds left the exchange in less than two months. Reuters attempted to contact Binance for comment but had not received a response by the time of publication. Investors' distrust is best illustrated by the BNB and BUSD tokens, which bear the name of their issuer, Binance : both tokens have fallen 29% and 40% respectively in two months, and Forbes estimates that there are now 51% fewer BNB tokens than were announced on November 10. Binance's authority and influence seem to be waning in more rapid ways. Investors of popular tokens such as MATIC, APE and GALA have reduced their shares on the exchange by 40-50% since November, when assets have already fallen by 24%. Despite the fact that Binance is the largest exchange in terms of trading volume, it has not managed to avoid a year-long decline affecting digital assets. The value of the BNB token fell 37% in twelve months, which cost the exchange $3 billion as it stopped charging commission for bitcoin spot trading amid a falling market. CoinMarketCap data shows that the whole cryptocurrency market has suffered even more significant losses: over the past year, its value has decreased by 56% and reached $ 848.7 billion. CZ's announcement of the sale of its FTX token holdings (worth about $580 million in total) to another platform on Twitter, citing some "identified problems", was short-lived, as he soon withdrew his offer, stating that FTX difficulties are beyond our capabilities or ability to help, implying that the initial review showed serious problems. than originally intended.