“Binance Remains Firm as Market Leader? $4.6 Billion Net Inflow After US Settlement, BNB Surges 30% Outperforming the Market”

Despite some predictions at the end of last year that the leading cryptocurrency exchange might change hands, on-chain data still shows that Binance’s net inflow of crypto assets far exceeds its competitors.

Binance founder Zhao Changpeng agreed to resign and pleaded guilty, resulting in a $4.3 billion fine for Binance.

After the settlement, Binance’s net inflow of assets still far surpasses its competitors.

According to data from DeFiLlama, since the settlement with the US Department of Justice on November 21, Binance has seen a net inflow of up to $4.6 billion in crypto assets, which is much higher than major competitors OKX and Bybit. It is nearly twice that of OKX and four times that of Bybit.

Binance’s recovery is evident, with a net inflow of $3.5 billion in January 2024, marking the best monthly performance since November 2022.

In addition, Binance’s spot trading volume statistics show that December last year was the only month, apart from February, to show an upward trend after nine consecutive months of decline.

BNB has also risen by 30% since November 21, outperforming the overall market, while Bitcoin has risen by about 16.3% during the same period.

However, Bloomberg emphasizes that Binance’s new CEO, Richard Teng, still faces a series of challenges, including establishing Binance’s global headquarters, setting up a board of directors, and appointing an independent monitor for a period of three years (as negotiated with the US Department of Justice).

Furthermore, Binance has not yet obtained complete licenses in major cryptocurrency centers such as Singapore, Dubai, and Hong Kong, and the litigation with the US Securities and Exchange Commission has not been fully resolved.

Last year, Binance faced a series of regulatory issues in EU countries. Although there have been signs of relaxation, India recently announced a complete ban on nine exchanges, including Binance, blocking their websites and Apple and Google apps.

(India bans Binance, Kraken, and nine other exchanges, blocking their official websites, Apple, and Google app stores.)

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