Binance Exchange Daily BTC Withdrawals Surpass $500 Million As CZ Says FUD Will Help Us Grow

Bitcoin (BTC) withdrawals from top cryptocurrency exchange Binance have topped $500 million in the past 2
 hours as its CEO screams "FUD." 
 Data from on-chain monitoring resource Coinglass shows that Binance's BTC balance has decreased by more than 30,000 BTC since December 13th. 

 CZ: FUD is an absolutely annoying fund

 According to Coinglass, users have withdrawn 30,300 BTC ($515 million) in the 24
 hours since this was written, most of the 
40,150 BTC for the week. 
 The abnormal behavior comes as Binance grapples with what its CEO Changpeng Zhao (also known as CZ) described as "FUD" on social media. 

 As reported by Cointelegraph, nerves  frayed after a Reuters report claimed that the exchange would become the target of a US money laundering case. 

 Zhao denied this and shared a statement from Binance refuting the report's claims. 
 Tensions were then exacerbated by reports of TRON CEO and founder Justin Sun withdrawing significant tokens. 

 Despite Zhao also taking critics to task and Sun returning the $100 million deposit  to Binance, users quickly withdrew their  funds from their accounts. A temporary suspension of  withdrawals of certain Binance stablecoin BUSD was ongoing at the time of writing. 
 "FUDs help us grow even though they are really annoying," Zhao wrote in his latest Twitter thread. 

 “You can talk about a person without  mentioning them specifically, which raises awareness. It also helps unite their supporters because it forms a common defensive alliance." 

 The events mimic  earlier events in the FTX crisis, when users of the exchange seized their assets en masse. At the time, Binance's BTC balance actually increased.

BTC Relief Bounce Targets $17,500 
 BTC Price Movement Continued Without Binance Panic. BTC/USD rose to near $17,500 during the day, data from Cointelegraph Markets Pro and TradingView showed. 
 Related: "Biggest Week of the Year" - 5 Things to Know in Bitcoin This Week

Binance's internal token Binance Coin (BNB) also recovered after a brief decline near $250, its lowest level since November 22. 
 Old hands at social media looked just as cool in the episode. 
 If you want to minimize the market impact on selling your BNB, I'll be happy to buy it for you for $22! popular trader Pentoshi joked when FUD hits BNB/USD weakness.

The views, thoughts and opinions expressed here are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.


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