Binance sees huge withdrawal of funds amid money laundering concerns

Crypto tracker Whale Alert has reported that around 300 million XRP were withdrawn from Binance two hours ago, worth $115,976,350 in fiat currency. This follows an earlier withdrawal of 37,371,039 XRP from the exchange to an unknown wallet. Data from XRP explorer Bithomp shows that the XRP were moved from one Binance wallet to another.

Earlier today, Justin Sun, former CEO of Tron and current owner of Poloniex and Huobi exchanges, moved 100 million USDC to Binance. Binance CEO, CZ, commented on the situation, stating that this was likely for the deployment of BUSD on the Tron chain, but he was not sure as he was not handling it personally.

Whale Alert also reported around 1.2 billion BUSD moving from Binance within the past 10 hours. The amount of crypto withdrawn from Binance has approached $2 billion. This mass exodus comes after the US prosecutor's office announced that it is considering pressing charges against Binance for money laundering and violating sanctions.

Whale Alert showed further fund movements involving Justin Sun's wallet, including 100 million USDC returned to his address from USDC Treasury. Binance CEO CZ commented on the situation, stating that he believes this is just FUD (fear, uncertainty, doubt) that has been following Binance since its initial coin offering (ICO) in 2017.

It is unclear why there has been such a large withdrawal of funds from Binance, but it could potentially be related to the potential charges against the exchange for money laundering and violating sanctions. Binance has been under scrutiny for some time, and this latest development is likely to add to the FUD surrounding the exchange.

Many in the crypto community are watching this situation closely, and it remains to be seen how it will unfold. It is possible that the withdrawal of funds from Binance could continue, as users become increasingly concerned about the potential legal repercussions for the exchange. Regardless of the outcome, this situation is a reminder of the potential risks and uncertainties involved in the world of cryptocurrency.