Experts say the withdrawal surge is just "business as usual." Binance, the biggest cryptocurrency exchange in the world, saw as much as a $3 billion withdrawal on Tuesday, per the blockchain analytics company Nansen, as consumers panicked about a wave of bad news stories about the cryptocurrency business.
Binance has registered $1.9 billion of withdrawals in the past 24 hours, blockchain data firm Nansen said on Tuesday, as the world’s biggest crypto exchange said it had “temporarily paused” withdrawals of the USDC stablecoin. How crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits…
The $1.9 billion of withdrawals of tokens based on the ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days.