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 “Concurrently, a large market maker, Jump, was found to have withdrawn huge sums from Binance with no deposits over the past few weeks - ultimately seems to have caused jitters among both retail and institutional users,” Thurman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. SEC: Binance.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. These includes Binance.US CEO Brian Shroder and Head of Legal, Krishna Juvvadi.
#Binance news us customers series#
Meanwhile, yesterday’s filing comes at a time Binance and Binance.US have both seen a series of exits of top officials. The SEC filed a lawsuit against Binance in June. “While the SEC is mindful of seeking the Court’s intervention, immediate production of the requested discovery is essential to determine not only whether Customer Assets are being safeguarded in the manner agreed to by the parties and contemplated by the Court in the Consent Order, but whether it may be appropriate for the SEC to seek an order to show cause why BAM should not be held in contempt of that Order.”Īccording to the regulator, Binance.US needs to provide the information and other critical assurances that its customers’ assets “are not at the mercy” of the parent company Binance and its CEO Changpeng Zhao. In its complaint, the SEC claims nothing has essentially changed from when it first applied for the court’s relief. Per the order, the defendants agreed to avail “expedited discovery and other relief relating to the custody, security, and availability” of the assets of US customers. In the regulator’s words, Binance.US has refused to comply with the consent order agreed with at the court on June 17, 2023. Per a court filing by the regulator, Binance.US has not fully cooperated as expected in an investigation the agency is conducting regarding investor safety and protection.Īt the United States District Court for the District of Columbia that it’s “good faith attempts” to get needed information from the defendants have been largely unsuccessful. The US Securities and Exchange Commission (SEC) has complained about the lack of cooperation from Binance.US, the regulated crypto exchange arm of
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