Binance sees nearly $2B inflow amid exit of key executives Binance sees nearly $2B inflow amid exit of key executives
Binance's TUSD balance soared from less than $500 million to over $2.5 billion within 24 hours.
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Updated: Jul. 7, 2023 at 2:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance saw nearly $2 billion in inflows in the last 24 hours, according to DeFillama data, despite the alleged FUD surrounding the exit of its key executives.
Binance TUSD’s balance skyrockets.
The inflow can be attributed to the massive spike in the exchange’s TrueUSD (TUSD) balance during the last 24 hours.
TUSD’s balance on Binance jumped to $2.65 billion from less than $500 million recorded on June 6, according to DeFillama data.
Meanwhile, data from Glassnode shows that TUSD’s total balance across all exchanges is $512.92 million as of July 6. However, $498.58 million, representing 96% of the $512.92 million balance, is on Binance.
Other exchanges like OKX, Bitfinex, Gate.io, Huobi, and others hold less than $20 million of the stablecoin.
Since Binance USD’s (BUSD) struggles began with regulators, Binance mainly promoted TUSD as its successor for the embattled stablecoin. The exchange has minted more of the TUSD stablecoin and added new trading pairs for the asset.
TUSD has faced increased scrutiny over its alleged ties to Justin Sun and its exposure to the insolvent crypto custodian, Prime Trust.
Binance was yet to respond to CryptoSlate’s request for comment at the time of writing.
CZ addresses key executives leaving.
Meanwhile, Binance CEO Changpeng ‘CZ’ Zhao said the reasons attached to the company’s key executives’ exits were “completely wrong.”
On July 6, Binance chief strategy officer Patrick Hillmann and the exchange’s senior vice president for compliance Steven Christie confirmed they were leaving the platform.
While some crypto community members quickly linked their exits to the exchange’s recent regulatory challenges, the executives stated they left the firm on good terms.
In his July 7 statement, CZ described the outcry surrounding these exits as another FUD, adding that every company experiences turnover. CZ thanked the exiting executives for their services and assured users that the platform can ” protect our users at all times.”
“As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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TrueUSD, a USD-backed stablecoin you can exchange and trust.
Binance USD
$1.00169
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
