Binance, the world’s largest cryptocurrency exchange by trading volume, experienced a flood of withdrawals on Monday following news of controversy and potential charges from the Department of Justice (DOJ).
The Binance native token, BNB, also saw significant declines in its market value and a drop in its market cap of around 7.5% to $41 billion.
Furthermore, the 24-hour trading volume for BNB increased by about 120% to $974 million, according to CoinMarketCap. Binance released its proof of reserve report on December 7, which sparked social media uproar.
Reuters then published a story on December 12 about potential charges against Binance and its CEO for alleged financial crimes.
Binance has denied the accusations and stated that their platform is secure against money laundering. The CEO, CZ, tweeted “Ignore FUD. Keep building.”