According to Defilama, Binance has seen nearly $2 billion inflows in the past 24 hours. dataDespite FUD allegations surrounding the departure of key executives.
Binance TUSD Balance Soars.
A possible cause of the influx is A significant spike in the exchange’s TrueUSD (TUSD) balance in the last 24 hours.
Defilama says TUSD balance on Binance surged to $2.65 billion from less than $500 million recorded on June 6 data.
Meanwhile, according to Glassnode data, the total balance of TUSD across all exchanges stood at $512.92 million as of July 6. However, 96%, or $498.58 million, of the $512.92 million balance is on Binance.
Other exchanges such as OKX, Bitfinex, Gate.io and Huobi hold less than $20 million in stablecoins.
Since Binance USD (BUSD)’s struggle with regulators began, Binance has primarily promoted TUSD as a successor to disputed stablecoins. The exchange has minted more TUSD stablecoins and added new trading pairs for this asset.
TUSD faces increasing scrutiny over its alleged relationship with Justin Sun and its exposure to bankrupt cryptocurrency management firm Prime Trust.
Binance has yet to respond of crypto slate Requesting comments at time of writing.
CZ mentions retirement of key executives.
Meanwhile, Binance CEO Changpeng ‘CZ’ Zhao said: Said He said the reasons for leaving key executives at the company were “totally wrong.”
Meanwhile, some cryptocurrency community members immediately linked As for leaving the exchange over recent regulatory challenges, executives said it was an amicable exit.
In a July 7 statement, CZ said these exit protests were the new FUD, adding that all companies experience turnover. CZ thanked the outgoing executives for their service and assured users that the platform would “always protect them.”
“As the market and global environment surrounding cryptocurrencies change, organizations evolve, and personal circumstances change, turnover occurs at any company.”
The article, which claims that Binance is seeing an inflow of nearly $2 billion amid the departure of key executives, first appeared on CryptoSlate.