Nansen, a blockchain analytics firm, reported no signs of a "mass exodus of funds" from Binance following the announcement of a $4.3 billion settlement with the United States Department of Justice (DOJ). This event comes along with major changes in leadership, with CEO Changpeng "CZ" Zhao stepping down and being replaced by Richard Teng, Binance's global head of regional markets.
Even though the platform experienced a $956 million net outflow on Ethereum approximately 24 hours after the announcement, Binance's total holdings grew to over $65 billion. Nansen stressed that, despite continued withdrawals, they are not observing a major departure of funds. This trend is comparable to past outflows experienced by Binance in June 2023 after being sued by the SEC, in December 2022 following insolvency rumors, and post the FTX aftermath.
