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Binance, the world’s largest crypto exchange, has continued to grow and expand following its recent case and settlement with the US Securities and Exchange Commission. The case involved several allegations of money laundering and sanctions evasion and was settled with a $4 billion fine.
Since November 21, 2023, when the fine was issued and paid, Binance has experienced an increase in net inflows, amounting to roughly $4.6 billion.
This data, revealed in a post by Satoshi Club on X, shows the platform’s resilience amid these challenges.
Binance Net In-flow Surge Since US SEC Case
After the court case with the United States SEC in November 2023, which included fines imposed on Binance and its CEO, Changpeng Zhao (CZ), for charges related to alleged money laundering operations initiated by the US Commodity Futures Trading Commission (CFTC), Binance continued to experience growth with its new CEO, Richard Teng.
In January 2023, the exchange witnessed net inflows of $3.5 billion, the highest since November 2023.
After founder and former CEO Changpeng Zhao stepped down and the exchange agreed to a substantial $4 billion fine with US regulators, the exchange experienced a significant outflow of over $1 billion in a single day.
Subsequently, weekly inflows struggled to exceed $800 million, culminating in a net outflow of $-1.63 billion in November, according to data from DeFillama.
However, a turnaround began in December, and the exchange’s weekly inflows consistently surpassed $1 billion weekly, totaling over $3 billion monthly. This upward trend has continued into the current month, with inflows nearing $4 billion, signaling a robust recovery for the leading crypto exchange.
Binance Continues To Expand Internationally
Despite Binance’s hurdles last year, the exchange has continued to grow. The exchange has recently expanded its global footprint by launching Gulf Binance in Thailand, a joint venture with Gulf Innova. This move aims to cater to the Thai market by offering a platform for trading digital assets with local currency pairs.
The exchange’s native token, BNB, has also shown promise. After a dip below $230 in November, BNB has steadily climbed and is trading above $300 at the time of writing. This upward trajectory of BNB, with its trading volume exceeding $1 billion, mirrors the exchange’s recovery and growth trajectory.
Furthermore, data from Coinmarketcap shows that Binance continues to lead the crypto exchange market. With a 24-hour trading volume surpassing $14 billion, Binance outperforms rivals such as Coinbase and Kraken, which recorded $2.7 billion and $999 million in trading volume in the past day.
