Binance users are withdrawing their crypto assets following the recent regulatory scrutiny of one of the exchange’s products.
In the last 24 hours, the exchange saw outflows of $621 million, according to a Wu Blockchain report. The outflows had dropped to $460 million as of press time, according to DeFillama data.
Over $300M BUSD redeemed
BUSD tokens are burned when users convert their holdings into fiat.
On Feb. 13, the stablecoin issuer was ordered by the New York Department of Financial Services to stop other mints of the stablecoin because it violated its “obligation to conduct tailored, periodic risk assessments and due diligence refreshes of Binance.”
Meanwhile, blockchain analytical firm Nansen reported that institutional investors like Jump Crypto holding the stablecoin were withdrawing their holdings from exchanges.
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