Binance Shrinks, Coinbase Expands in BTC Reserves

The latest data compiled by CryptoQuant has highlighted a
notable movement in Bitcoin reserves between Binance and Coinbase. The report revealed a decrease of 5,000 BTC in Binance’s reserves and an
increase of around 12,000 BTC in Coinbase’s holdings.

Analysts have attributed this trend to retail outflows
from Binance, likely prompted by the legal concerns surrounding the
exchange. According to Bradley Park, a Web 3 analyst at CryptoQuant, as quoted by Coindesk, Binance’s decreasing Bitcoin reserves result from retail investors moving funds to compliant or licensed exchanges..

Following the resignation of Changpeng Zhao and his
admission of guilt in a deal with the Department of Justice (DOJ), Binance
experienced outflows exceeding $1 billion within a day, according
to blockchain firm Nansen, as quoted by CNBC. Additionally, market liquidity
decreased by 25% as market makers scaled back their positions.

The DOJ’s settlement with Binance, amounting to a record $4.3 billion, included an agreement to forfeit $2.5 billion and a fine
amounting to $1.8 billion against the crypto exchange. The agreements entailed exit from US markets by the company, financial remittances, and stringent compliance measures.

Notably, Binance’s native token, BNB, faced a decline of
8% within the day the settlement
Settlement

Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2

Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2
Read this Term was reached. Despite this
significant drop, Binance retains assets surpassing $65…