Supervision Escalates $830 Million Exodus From Binance In 24 Hours

According to foreign media reports on February 13th, after the US regulatory agencies cracked down on digital currency exchanges, Binance evaporated $830 million within 24 hours on the same day, experiencing the worst customer withdrawals since December. Previously, NYS Department of Financial Services (DFS) ordered Paxos to stop issuing the currency, stating that there were several unresolved issues related to Paxos and Binance regarding the BUSD issued by Paxos. The withdrawals came after the US regulatory agency ordered the company to stop issuing “stable currency” BUSD linked to the US dollar because the digital currency was not registered. Paxos claimed that there were enough dollar reserves to allow customers to redeem their assets with dollars. But the market is sensitive, and capital outflow shows a trend. Since the closure of its competitor FTX in November, 2022, US regulators have been increasing scrutiny of Binance’s financial situation. Last week, Binance stopped allowing users to withdraw US dollars to their US bank accounts. Last year, the regulator said that all Bitcoin ATMs operating in the UK were illegal. These machines allow people to deposit and withdraw cash in exchange for cryptocurrencies with minimal verification, posing a potential risk of money laundering.