Binance Witnesses Massive Inflow of Nearly $2 Billion

Binance, the popular cryptocurrency exchange, experienced an impressive inflow of nearly $2 billion in the last 24 hours, according to data from DeFillama.

This influx of funds comes despite the alleged fear, uncertainty, and doubt (FUD) surrounding the departure of key executives from the company.

The significant inflow can be attributed to the surge in Binance’s TrueUSD (TUSD) balance within the same timeframe. The balance of TUSD on Binance skyrocketed from less than $500 million on June 6 to a staggering $2.65 billion.

In comparison, other major exchanges like OKX, Bitfinex, Gate.io, and Huobi hold less than $20 million of this stablecoin.

Amid regulatory challenges and concerns surrounding Binance USD (BUSD), the exchange has been promoting TUSD as a viable alternative. Binance has increased the minting of TUSD and introduced new trading pairs for the stablecoin.

However, TUSD has faced scrutiny due to its alleged ties to Justin Sun and its potential exposure to the insolvent crypto custodian, Prime Trust. Binance has yet to provide a response to these allegations at the time of writing.

In the midst of these developments, Binance CEO Changpeng ‘CZ’ Zhao addressed the departure of key executives from the company.

CZ dismissed claims that their exits were related to regulatory challenges and emphasized that the reasons attached to their departures were “completely wrong.”

He stated that turnover is a normal part of any organization and thanked the departing executives for their contributions. CZ reassured users that Binance is committed to protecting them in all circumstances.

While the crypto community may have initially connected the executives’ departures to recent regulatory issues, the individuals themselves stated that they left the firm on amicable terms.

CZ’s statement aimed to dispel any FUD surrounding the situation and emphasized the ongoing evolution of the company as it navigates changing market conditions and personal circumstances.