Cryptocurrency exchange giant Binance saw the highest volume of withdrawals on Tuesday yesterday with a value of $8.78 billion while inflows of $5.1 billion meant that its net outflow was $3.66 billion.
It is also worth noting that Binance's weekly outflows surpassed Coinbase's with a total of $3.66 billion while Binance US's net outflows surpassed $38.7 million in the same period.
Among the companies withdrawing funds from Binance is Web3 investment company Jump Crypto with this week's withdrawal of around $18.4 million in Ethereum (ETH) and $123.4 million last week.
However, Binance reportedly still holds $58.9 billion worth of digital assets in Bitcoin (BTC), ETH, BUSD and Tether despite the company's growing volume of withdrawals.
By observation, the fourth largest cryptocurrency movement founded by Binance, BNB has declined by 2% in the last 24 hours and 8% in the last two weeks even as BTC and ETH surged.
The streak, the Chief Executive Officer (CEO) of Binance, Changpeng Zhao (CZ) stated that this kind of incident will definitely happen to a business that must have a phase of success or failure.
He added that the closure of the New York bank that is responsible for providing liquidity has been the cause of USDC withdrawals on Binance US being temporarily suspended as a result of not being able to exchange funds.
