What is happening? Binance Outflows Record Reading Over $1 Billion

<p>&nbsp;In the latest development of the crypto market, Binance's production has increased significantly after Changpeng Zhao resigned as the company's CEO and pleaded guilty to various violations of securities laws during a significant court hearing. It should be noted that the world's leading cryptocurrency exchange experienced a withdrawal surge of over $1 billion in a 24-hour period.</p><p><br /></p><p>Meanwhile, Zhao's resignation and subsequent $4.3 billion fine against Binance has shaken the industry, indirectly triggering a significant exodus of funds from the crisis-ridden exchange.</p><p><br /></p><p>As news of Changpeng Zhao's guilty plea and resignation spread, the crypto community reacted swiftly. The latest data from DefiLlama shows massive withdrawals from Binance over 24 hours, exceeding $1 billion, with a net withdrawal of $703.13 million over seven days.</p><p><br /></p><p><br /></p><p>The large withdrawal underscores concerns and uncertainty over the exchange after legal challenges and leadership changes. In other words, this sudden withdrawal comes after a guilty plea by Binance co-founder Changpeng Zhao, who admitted to violating the Bank Secrecy Act.</p><p><br /></p><p>On the other hand, other exchanges are seeing significant inflows. DefiLama data shows that OKX emerged as the highest net inflow of $152.02 million in the last 24 hours. Additionally, Bybit and Kucoin followed with significant daily inflows of $51.34 million and $31.58 million respectively, signaling a change in user trust and confidence in the cryptocurrency exchange landscape.</p><p><br /></p><p>At the time of writing, BNB price has declined by 9.91% and is trading at $233.79 on November 22. In contrast, the cryptocurrency's trading volume recorded a 59% increase in the last 24 hours to $2.57 billion at the same time.</p><p><br /></p><p>Waima despite what happened, the Binance withdrawal exchange, remains the top crypto exchange in terms of asset holdings.</p>