Binance saw nearly $2 billion in inflows in the last 24 hours, according to DeFillama data, despite the alleged FUD surrounding the exit of its key executives.
Binance TUSD’s balance skyrockets.
The inflow can be attributed to the massive spike in the exchange’s TrueUSD (TUSD) balance during the last 24 hours.
TUSD’s balance on Binance jumped to $2.65 billion from less than $500 million recorded on June 6, according to DeFillama data.
Meanwhile, data from Glassnode shows that TUSD’s total balance across all exchanges is $512.92 million as of July 6. However, $498.58 million, representing 96% of the $512.92 million balance, is on Binance.
Other exchanges like OKX, Bitfinex, Gate.io, Huobi, and others hold less than $20 million of the stablecoin.
Since Binance USD’s (BUSD) struggles began with regulators, Binance mainly promoted TUSD as its successor for the embattled stablecoin. The exchange has minted more of the TUSD stablecoin and added new trading pairs for the asset.
TUSD has faced increased scrutiny over its alleged ties to Justin Sun and its exposure to the insolvent crypto custodian, Prime Trust.
Binance was yet to respond to CryptoSlate’s request for comment at the time of writing.
CZ addresses key executives leaving.
Meanwhile, Binance CEO Changpeng ‘CZ’ Zhao said the reasons attached to the company’s key executives’ exits were “completely wrong.”
On July 6, Binance chief strategy officer Patrick Hillmann and the exchange’s senior vice president for compliance Steven Christie confirmed they were leaving the platform.
While some crypto community members quickly linked their exits to the exchange’s recent regulatory challenges, the executives stated they left the firm on good terms.
In his July 7 statement, CZ described the outcry surrounding these exits as another FUD, adding that every company experiences turnover. CZ thanked the exiting executives for their services and assured users that the platform can ” protect our users at all times.”
“As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”
The post Binance sees nearly $2B inflow amid exit of key executives appeared first on CryptoSlate.
Source: https://cryptoslate.com/binance-sees-nearly-2b-inflow-amid-exit-of-key-executives/