Binance’s Total Asset Holdings Remain Stable After DOJ Settlement

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By BitcoinWiki News

Key Takeaways:

– Binance’s total asset holdings remain largely unchanged after settling charges with US authorities
– Blockchain analytics firm Nansen reports no significant outflow of funds from the exchange despite the settlement
– Binance’s overall holdings have increased, surpassing $65 billion
– Nansen notes ongoing withdrawals but no mass exodus of funds from Binance
– Binance and former CEO CZ reach plea deal with US officials to continue operating under regulatory scrutiny
– Richard Teng takes over as CEO following CZ’s departure
– On-chain data shows Binance cold wallets holding $6.6 billion, including $4 billion in USDT
– It remains unclear whether Binance plans to utilize these funds to settle the $4.3 billion fine imposed by the US government or convert the USDT into fiat currency

Binance’s total asset holdings have not significantly changed despite the recent settlement of civil and criminal charges between the exchange and CEO Changpeng “CZ” Zhao and US authorities. While there was a net outflow of approximately $956 million worth of Ethereum from the exchange in the aftermath of the settlement, Binance’s overall holdings have increased to over $65 billion. Blockchain analytics firm Nansen reported that withdrawals are ongoing but there hasn’t been a mass exodus of funds. This situation is in contrast to previous instances when Binance experienced higher outflows and negative netflows following legal and insolvency issues. Binance’s holdings of Tether’s USDT decreased by approximately $246 million in the past 24 hours, but holdings of XRP and TrueUSD remained steady. As part of the settlement, CZ stepped down as CEO, with Richard Teng taking over the position. Teng expressed confidence in Binance’s strong fundamentals and hinted at the exchange’s ability to pay the $4.3 billion fine. On-chain data shows that Binance’s cold wallets hold a total of $6.6 billion, with the majority of funds in USDT. It remains unclear how Binance intends to utilize these funds to settle the fine imposed by the US government.

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