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Binance Witnessed A Withdrawal of $850 before the CFTC Indictment

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According to Thanefield Capital, twelve hours before the indictment of CFTC, around $1.5 billion of cryptocurrency went out of various centralized platforms.

Just some hours before the indictment of the Binance exchange platform and Changpeng Zhao, its CEO for violating regulations of the United States CFTC (Commodity Futures Trading Commission), around $1 billion in cryptocurrency were allegedly withdrawn from the exchange’s wallets.

In the research data provided by Thanefield Capital, a few hours before the Binance indictment which happened on Monday 27 March at 3 pm, a large sum which was quite unusual left throughout the centralized exchanges.

Binance Witnessed A Withdrawal

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Just 12 hours before the indictment, up to $1,5 billion disappeared from exchanges like; Bitfinex, Binance, Coinbase, and Kraken. Almost half of the funds or about $850 million of the money was from Binance.

Then, 1 hour later, after the announcement, the Binance platform witnessed an extra $240 million withdrawal. In a report from Nansen, above $400 million has gone out only in the Ethereum-based funds for the past 24 hours.

Nevertheless, the Binance platform is still holding $63.36 billion worth of crypto assets which include; more than $2 billion worth of USDT, $8.1 billion of Ether, and $1.7 billion of Bitcoin.

C F T C Suit against Binance

The Commodity Futures Trading Commission (CFTC) filed a lawsuit against CZ and Binance in the United States District Court for the Northern District of Illinois.

The commission in charge of investigating Binance dealings since 2021 says that the platform couldn’t meet up with its regulatory obligations as it didn’t properly register with the derivatives regulator.

Reportedly, Binance carried out transactions in Litecoin, Ether, and Bitcoin for United States citizens since 2019 at least.

The top cryptocurrency exchange globally is being investigated by the IRS (Internal Revenue Service) and the federal prosecutors who have investigated its obedience to the AML (anti-money-laundering) rules.

SEC (Securities and Exchange Commission) carried out inquiries to know if Binance allowed United States traders access to unregistered securities.

Binance Response

The Binance CEO refuted the accusations against the platform by the CFTC yesterday March 27.

In a blog post on March 28, the Binance Chief responded to the CFTC’s accusations. According to his statement, the accusation is “an incomplete recitation of facts”.

Already, Changpeng Zhao rejected the accusations from the Commodity Futures Trading Commission. The Binance CEO argued that the crypto platform “does not operate for profit or to manipulate the market under no circumstances”.

Binance did not subject the trading transactions of Sigma Chain, Merit Peak, or its estimated 300 house accounts to any anti-manipulation surveillance or anti-fraud, or controls he added.

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