According to data from DeFiLlama, Binance experienced an outflow of $1.6 billion in digital currency from its exchange wallets in November. This was likely due to concerns among investors over the forced resignation of Binance CEO, Chapeng Zhao.
However, the situation improved in December as $398 million worth of cryptocurrency was sent to the exchange. Binance’s new CEO, Richard Teng, reassured investors that the platform has no financial issues and can fulfill its obligations.
Despite a decrease in market share, Binance remains the leading trading platform, although its competitors, including OKX, Bybit, Coinbase, and Bitget, have taken advantage of the situation.
Binance Coin (BNB), the platform’s native token, has also seen a decline due to decreased usage and investor confidence.
