Binance Withdrawals Surge as Concerns About Its Reserve Report Spook Traders

Binance, the world’s largest crypto exchange by trading volume, endured a wave of withdrawals on Monday amid concerns about its proof of reserve report.

Net outflows, the difference between the value of assets arriving and leaving the exchange, hit $902 million in the past 24 hours, according to data by blockchain intelligence platform Nansen.

Binance’s net outflow has surpassed those of all other centralized exchanges’ in the last 24 hours, and is almost nine times larger than the second largest outflow.

Wintermute, another significant crypto market maker, withdrew $8.5 million of wrapped bitcoin (wBTC) and $5.5 million of Circle’s USDC stablecoin.

At the time of publication, Jump Trading and Wintermute had not responded to CoinDesk requests for comment.

Wintermute acknowledged in a tweet on Nov. 9 that some funds remained on Sam Bankman-Fried’s crypto exchange FTX, which imploded last month in spectacular fashion. Jump Trading tweeted on Nov 12. that the firm remained well-capitalized, but didn’t specify losses or capital exposure to FTX.

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