Binance, the world’s largest cryptocurrency exchange, saw a surge in withdrawals on Monday following news of controversy and potential charges from the Department of Justice.
The value of Binance’s native token, BNB, also dropped significantly, with a 7.5% decline in its market cap to $41 billion. The 24-hour trading volume for BNB rose by about 120% to $974 million, according to CoinMarketCap.
Binance’s proof of reserve report, released on December 7, sparked controversy on social media.
On December 12, Reuters reported on potential charges against Binance and its CEO for alleged financial crimes.
Binance has denied the accusations and stated that their platform is secure against money laundering. The CEO, CZ, tweeted “Ignore FUD. Keep building.”
