Share this article
Binance Users Withdrew $1.35B of Bitcoin in Days Following FTX Collapse
The net exit of crypto was industry-wide as FTX closed off customer withdrawals and ultimately filed for bankruptcy protection.
Updated May 9, 2023, 4:02 a.m. Published Nov 14, 2022, 4:55 p.m.
The world's largest cryptocurrency exchange, Binance experienced record levels of bitcoin, ethereum and stablecoin withdrawals alongside the implosion of rival exchange FTX.
Binance saw a net 81,712 bitcoin ($1.35 billion), or more than 15% of the roughly 500,000 bitcoin on its exchange, pulled from the platform over the past six days, according to data from CryptoQuant. In addition, a net 125,026 ether ($155 million) and $1.14 billion in stablecoins were withdrawn from Binance over the same period.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Appearing on a Twitter space on Monday morning, Binance CEO Changpeng Zhao appealed for calm, and said a "slight" uptick in the pace of withdrawals is normal when the prices of cryptocurrencies drop.
The withdrawals are an industry-wide issue, with Coinglass showing nearly 200,000 bitcoin pulled from exchanges over the past seven days bringing the level of bitcoin held on exchanges down to 1.88 million. Coinbase (COIN), Gemini and Kraken are among the crypto brokers seeing percentage declines similar to Binance.
The fast exits were prompted by the implosion of FTX, which was one of the largest exchanges before it filed for bankruptcy last week. Speculation over the company's financials mounted following a CoinDesk report that identified holes in the balance sheet of FTX sister company, Alameda Research. Customers scrambled to quickly withdraw funds from FTX, resulting in a liquidity crunch.
Within days, FTX had seen its own bitcoin balance fall from about 20,000 to just one.
Binance made an attempt to acquire FTX at the start of last week, signing a non-binding letter of intent only to walk away from a deal 24-hours later.
Binance did not immediately respond to CoinDesk's request for comment.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
