Crypto exchange Binance has seen its withdrawals reach $1.4 billion in just 24 hours as its struggles seemingly continue. Indeed, DeFillama’s data has noted more than $1 billion in net outflow for the exchange. Subsequently, most of these have arrived as another executive has departed, and its regulatory concerns continue.
The data from DeFillama shows that Tether’s USDT was the primary asset withdrawn. Specifically, $878 million of the stablecoin left the exchange alongside $167 million worth of Bitcoin and other crypto.
Over the last week, there have been additional departures from the company. Specifically, Binance France PResident David Princay confirmed that he is leaving the company. Finally, the exchange’s French subsidiary directory, Stephanie Cabossioras has also confirmed her exit.
The two departures continued a rather consistent wave of exits in the last several months. More than five executives have exited the company, including chief strategy officer Patrick Hillman, Senior vice president for compliance Steven Christie, General counsel Hang NG, and director of investigations Matthew Price.