Binance defies expectations: $4.6 billion in net inflows despite record fine

Binance is considered one of the most important cryptocurrency exchanges in the world, with over 100 million users. Over the past several months, it has been at the center of several controversies. In November 2023, Binance agreed to pay a fine of 2.5 billion dollars in the United States and to change its CEO. Has this historic settlement affected its popularity among traders? The data shows that it has not!

Crypto traders have poured billions of dollars into Binance since its historic US penalty in November https://t.co/mBbHfABO0Q

— Bloomberg Crypto (@crypto) January 19, 2024

Binance: A Controversial but High-Performing Crypto Platform

Founded in 2017 by Changpeng Zhao (also known as CZ), Binance has been subject to several investigations and penalties by various authorities: the SEC, the FCA, the FSC, the OSC, the MAS…

In November 2023, Binance reached a settlement with the Department of Justice (DOJ) and the U.S. Treasury Department. The cryptocurrency company agreed to pay a fine of 4.3 billion dollars. That’s not all! It also consented to cooperate with authorities, to strengthen its compliance measures, and to appoint a new CEO, Richard Teng.

An Unrivaled Leader in the Crypto Market

For many analysts, Binance has faced the largest penalty ever levied against a crypto platform. Despite this settlement, Binance has not lost the trust of traders. On the contrary, it has recorded net inflows of 4.6 billion dollars since November 21, 2023, according to data from DefiLlama. This is more than its main competitors, such as OKX and Bybit, have attracted over the same period.

Binance remains the undisputed leader of the crypto market. It currently holds a market share of 28.5% with:

• a market capitalization of 73.8 billion dollars,
• a daily trading volume of 24.7 billion dollars.

The crypto exchange Binance also has the largest liquidity. This enables it to offer the best prices and the lowest fees to its users.

Despite legal setbacks, Binance manages to prevail in the crypto market. The question remains whether it will be able to stay the course in the coming months!

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