Hundreds of millions of dollars worth of cryptocurrencies have poured out of Binance over the past day, but experts told Fortune that the outflows are actually lower than many expected after the company and founder Changpeng “CZ” Zhao reached a deal with U.S. prosecutors and regulators.
About $800 million worth of Bitcoin, Ether, and the USDT and USDC stablecoins were withdrawn from the crypto exchange after news of the agreement initially broke on Tuesday, according to digital asset data and index provider CCData. The outflows can be explained in part by investors concerned about impending regulatory requirements Binance will be subject to per its agreement with prosecutors, or from institutional investors moving money elsewhere to save face, said CCData research lead Josh de Vos.
