Nansen: Capital Outflow from Binance is Stopping

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In late November, Changpeng Zhao stepped down as CEO of Binance, coinciding with the crypto exchange’s agreement with US authorities to pay a $4.3 billion fine.

In his place, Richard Teng was appointed as the new head of Binance, assuring that the company is still functioning normally and has no financial issues.

According to a Nansen report, there was only a minor decrease in funds from the exchange after Zhao’s resignation, with traders withdrawing $87.4 million worth of ether over a one-week period.

The outflow of digital currencies from other blockchains, such as Polygon, Avalanche and Binance Chain, amounted to only $59.7 million.

Although there was a significant outflow of funds in late November (over $1 billion), the situation has since stabilized and traders are now returning their funds to exchange wallets.