BUSD records $500M outflows following CFTC’s crackdown on Binance

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Photo Source: Binance Blog

BUSD’s net outflows exceeded $500M after the CFTC filed a lawsuit against Binance.  

CryptoQuant’s head of marketing, Hochan Chung, speculated that the large volume of Binance USD (BUSD) withdrawals could be the result of Binance switching to another stablecoin such as TrueUSD (TUSD) or USD Coin (USDC).

The exchange also recorded an unusually high outflow of $850M in stablecoins a few hours before the CFTC sued the exchange and its CEO.

According to Thanefield Capital's research arm, $1.5B worth of stablecoins were withdrawn from multiple exchanges including Binance, Kraken, Coinbase, and Bitfinex shortly before the CFTC’s announcement. 

Binance, however, saw the highest amount of stablecoin withdrawals, with additional $240M outflows within an hour of the CFTC’s announcement.     



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Data from Coinglass revealed that Binance users have also withdrawn $110M worth of Bitcoin (BTC) tokens from the exchange. Similarly, Nansen confirmed that the exchange’s clients have removed $400M worth of Ethereum (ETH) funds in the last 24 hours. Chung added,

“Also, the changes in Binance's exchange reserves of [BTC], [ETH] and other stablecoins are not notably significant. Only the BNB price has been damaged from the issue.”

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Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

BUSD’s net outflows exceeded $500M after the CFTC filed a lawsuit against Binance.  

CryptoQuant’s head of marketing, Hochan Chung, speculated that the large volume of Binance USD (BUSD) withdrawals could be the result of Binance switching to another stablecoin such as TrueUSD (TUSD) or USD Coin (USDC).

The exchange also recorded an unusually high outflow of $850M in stablecoins a few hours before the CFTC sued the exchange and its CEO.

According to Thanefield Capital's research arm, $1.5B worth of stablecoins were withdrawn from multiple exchanges including Binance, Kraken, Coinbase, and Bitfinex shortly before the CFTC’s announcement. 

Binance, however, saw the highest amount of stablecoin withdrawals, with additional $240M outflows within an hour of the CFTC’s announcement.     



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Data from Coinglass revealed that Binance users have also withdrawn $110M worth of Bitcoin (BTC) tokens from the exchange. Similarly, Nansen confirmed that the exchange’s clients have removed $400M worth of Ethereum (ETH) funds in the last 24 hours. Chung added,

“Also, the changes in Binance's exchange reserves of [BTC], [ETH] and other stablecoins are not notably significant. Only the BNB price has been damaged from the issue.”

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Written by
Ayush Pande