Yesterday was an important day for Binance, the largest cryptocurrency exchange with 150 million users worldwide, and its CEO CZ.
While Binance and CZ made an agreement with the US government in the cases filed against them, CZ, who had been the CEO of Binance for a long time, resigned from his position due to the accusations in the USA.
All these events caused anxiety among investors. While investors were trying to predict how Bitcoin would react to what was happening, they were also faced with the dilemma of whether to continue using Binance or not.
While investors continued to be uneasy, investment company Bernsterin analysts stated that there was an outflow of less than $1 billion from Binance after the deal news, but customers generally did not experience a major panic.
According to Coindesk, analysts pointed out that at this point Binance keeps a total of approximately $67 billion in customer funds under surveillance, and said that the exchange still remains the dominant crypto exchange internationally despite what happened.
Bernstein analysts led by Gautam Chhugani included the following statements in the report:
“Binance's reputation with retail customers outside the US has remained strong throughout the years.
“Binance will remain a significant presence in markets outside the US, but we expect competition between Coinbase and new exchanges in regulated markets such as Hong Kong and Singapore to increase.”
Analysts stated that Binance has sufficient funds to pay the fine it agreed upon and that it can continue its operations smoothly and healthily from now on.