Outflows from Binance have amounted to more than $1 billion in the past 24 hours, not including bitcoin, according to data from blockchain analysis firm Nansen, after founder and CEO Changpeng Zhao stepped down and pleaded guilty Tuesday in a deal with the Department of Justice.
Meanwhile, liquidity has dropped 25% over the same time frame as market makers pull back their positions, according to data provider Kaiko.
Read More : Binance Witnesses Over $1 Billion Withdrawn by Users After CEO’s Departure and Guilty Plea