![]() Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “This nascent industry has grown quickly and Binance has shown its commitment to security and compliance through large investments in our team as well as the tools and technology we use to detect and deter illicit activity,” a spokesperson added. The US Department of Justice declined to comment.īinance said in a statement to CNN that, “as has been reported widely, regulators are doing a sweeping review of every crypto company. On Monday, Reuters reported, citing unidentified sources, that US prosecutors were considering wrapping up a money laundering investigation into Binance by “filing criminal charges against individual executives including founder Changpeng Zhao.” Bitcoin was last trading below $18,000, a decline of more than 60% year-to-date.īut Binance’s business is also under scrutiny after FTX’s spectacular implosion. (Photo by Craig Barritt/Getty Images for CARE For Special Children ) Craig Barritt/Getty Images/FILEįTX founder Sam Bankman-Fried charged with fraudĬoncerns about the health of the sector have been driving down the price of digital coins. NEW YORK, NEW YORK - JUNE 23: Sam Bankman-Fried speaks onstage during the first annual Moonlight Gala benefitting CARE - Children With Special Needs - hosted by Michael Cayre, Roy Nachum and MegaMoon Museum at Casa Cipriani on Jin New York City. “The fact is just because one bank is bad doesn’t mean all the other banks are bad.” “If you get hurt by one bank, you’re going to think all the other banks are bad,” Zhao said. The founder of Binance’s one-time competitor, Sam Bankman-Fried, was arrested in the Bahamas this week after US prosecutors filed criminal charges against him. Zhao, who is known as “CZ,” said people were down on the crypto sector following the collapse of FTX in November. “We’re seeing the money flowing back already,” he said in a conversation on Twitter Spaces on Wednesday, calling the fund withdrawals “very normal market behavior.” The company had seen worse days before, he later added. Jump Crypto is part of the Jump Trading Group, a quantitative trading firm.īinance CEO Changpeng Zhao said that the exchange had at one point seen “some withdrawals” of roughly $1.1 billion. “In short, it’s a lot of money headed out, and that’s spooked some folks.” ![]() “Concurrently, a large market maker, Jump, was found to have withdrawn huge sums from Binance with no deposits over the past few weeks - ultimately seems to have caused jitters among both retail and institutional users,” Thurman said. A report about an ongoing investigation by the US Justice Department into the exchange was a factor in investors’ nervousness, he said. ![]() Investors withdrew as much as $3 billion from Binance on Tuesday, according to blockchain analytics firm Nansen, as a deluge of negative headlines about the cryptocurrency industry rattled users of the world’s largest exchange.Īndrew Thurman, content lead for Nansen, told CNN that at its peak, Binance saw “as high as $3 billion in net outflows” over a 24-hour period.
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