Binance Experiences Significant Bitcoin Decline and Withdraws Bid for Abu Dhabi License

Binance Experiences Significant Bitcoin Decline and Withdraws Bid for Abu Dhabi License

By: Eva Baxter

Recent reports show that Binance, one of the world's largest cryptocurrency exchanges, faced a substantial decline in its Bitcoin balance in November, accompanied by the withdrawal of its license application for an Abu Dhabi Investment Fund. This bitcoin decline and license withdrawal occur amidst the exchange's ongoing regulatory challenges with U.S. authorities.

According to available data, the total BTC balance of Binance's customers was 584,659 BTC at the start of November, but had decreased by over 23,000 BTC to 561,003 BTC by the beginning of December. Accompanying this decline was a distinct trend noticed among Binance users. Data revealed significant BTC outflows from larger holders, while incoming funds originated primarily from retail traders.

During this time, Binance resolved to a hefty settlement nearing $4 billion with U.S. authorities concerning multiple violations of several financial laws. Additionally, the exchange's founder, Changpeng 'CZ' Zhao, announced his resignation as CEO after pleading guilty to charges related to money laundering. In unrelated events, Binance also decided to withdraw its application for a license for an Abu Dhabi Investment Fund, on reassessing its global needs.

This comes in addition to the platform recording balance declines on major cryptocurrencies, including Ethereum, XRP, Litecoin, USDC, and Binance's native BNB token. On a differing note, the balance of Tether's USDT on Binance saw a surge of more than 5%, reaching $15.2 billion, with over 860 million units of the stablecoin being sent to the platform.

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