13 Trillion Won Withdrawn from Binance in One Day... CEO Admits Money Laundering Impact

Binance Coin Price Also Plummets 8%

The world's largest cryptocurrency exchange, Binance, acknowledged guilt on charges including money laundering and agreed to pay a massive fine, leading to an outflow of funds amounting to 1.3 trillion won from the exchange.

According to blockchain analytics firm Nansen on the 22nd (local time), after news broke that Binance founder and CEO Zhao Changpeng admitted guilt and stepped down, investors withdrew $1 billion (approximately 1.3 trillion won) from the exchange within 24 hours.

Data provider Kaiko reported that market makers withdrew their investment positions during the same period, resulting in a 25% decrease in liquidity. The price of Binance's native token, Binance Coin (BNB), also plunged more than 8% within 24 hours.

Investors were reportedly shaken by the massive fine Binance agreed to pay. The previous day, CEO Zhao admitted guilt on charges including money laundering and reached an agreement with the U.S. government to pay a fine worth $4.3 billion (5.5 trillion won). He also resigned from his CEO position.

However, analyses suggest that Binance still holds significantly more funds and has sufficient capacity to pay the fine, so the exchange itself is unlikely to be destabilized. According to Nansen, Binance's current asset size exceeds $65 billion (approximately 84.7 trillion won).

Some experts predict that the resolution of legal disputes between Binance and U.S. regulators, along with Binance's commitment to strengthen security measures, could have a positive long-term impact on the cryptocurrency industry.

This content was produced with the assistance of AI translation services.