Binance attracts $1.2 billion in net inflows in past 24 hours despite selloff

August 06, 2024 11:42 PM AEST | By Investing

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Binance attracts $1.2 billion in net inflows in past 24 hours despite selloff

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Binance, the world's largest cryptocurrency exchange, has seen a net inflow of $1.2 billion in the last 24 hours, according to DeFiLlama's CEX Transparency metrics. The figure is way above the inflows its major rivals, including OKX and Bybit, are pulling in.

The large capital influx reflects users' trust in Binance and their positive outlook on the cryptocurrency market's future, even with recent volatility, DeFiLlama said.

The massive inflows are also a positive sign for Richard Teng, who took over as CEO following a multibillion-dollar US penalty for illegal activities and the departure of founder Changpeng Zhao.

Richard Teng comments: “This marks one of the highest net inflow days of 2024. Despite facing significant market downturns over the past several hours, this potentially indicates investors' confidence and interest in buying in at a lower cost when they deem it's the right timing."

"The current market trends also validate this observation, as we are witnessing a rebound in the prices of major tokens. According to our internal data, yesterday also was one of the highest trading volume days in 2024,” he added.

In January alone, Binance attracted $3.5B, just two months after its owner pleaded guilty to crimes like money laundering and sanctions evasion. The exchange managed to pay the full $4.3B DoJ fine without selling any crypto assets.

That said, Teng still faces numerous challenges. He must establish a global headquarters, appoint a board, and ensure an independent monitor for three years. Binance also still lacks full licenses in major crypto hubs, and its U.S. affiliate is dealing with a lawsuit from the SEC.

The risks of operating in local markets without official approval popped up recently when India blocked access to Binance and other offshore platforms by removing their apps from Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOGL) stores. Last year, countries from Australia to Belgium also cracked down on Binance for operating without the necessary permits.

This article first appeared in Investing.com

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