Binance Sees Major Inflow of $1.2 Billion

Binance, the world’s largest cryptocurrency exchange, has witnessed a net inflow of $1.2 billion in the last 24 hours, as reported by DeFiLlama’s CEX Transparency metrics. This figure is significantly higher than the inflows of its major competitors, including OKX and Bybit.

The substantial capital influx reflects users’ trust in Binance and their optimistic outlook on the future of the cryptocurrency market, despite recent market volatility, according to DeFiLlama.

The large inflows are also encouraging for Richard Teng, who recently became CEO following a multibillion-dollar US penalty for illegal activities and the departure of founder Changpeng Zhao.

Richard Teng stated: “This marks one of the highest net inflow days of 2024. Despite significant market downturns over the past few hours, this suggests investors’ confidence and interest in buying at a lower cost when they believe it is timely.”

He added, “The current market trends validate this observation, as we are witnessing a rebound in the prices of major tokens. Our internal data shows that yesterday was also one of the highest trading volume days in 2024.”

In January, Binance attracted $3.5 billion, just two months after its owner pleaded guilty to crimes including money laundering and sanctions evasion. The exchange successfully paid the full $4.3 billion DoJ fine without liquidating any crypto assets.

Despite this, Teng must navigate numerous challenges, such as establishing a global headquarters, appointing a board, and ensuring an independent monitor for three years. Additionally, Binance still lacks full licenses in major crypto hubs, and its U.S. affiliate is facing a lawsuit from the SEC.

Recent risks emerged when India blocked access to Binance and other offshore platforms by removing their apps from Apple and Google stores. Last year, numerous countries, from Australia to Belgium, also cracked down on Binance for operating without the necessary permits.