Binance net outflows cross $3.64B after withdrawals restart – Can user confidence return?

On Sunday, the 1st of November, at 06:00 UTC, Binance resumed withdrawals, allowing users to withdraw their assets. Immediately upon opening for withdrawals again, there was an increase in the volume of withdrawal transactions. Within the first two hours of withdrawals reopening, $733 million was withdrawn before gradually declining as the initial rush eased. However, a high volume of withdrawals continued to be initiated throughout the day. This indicated users were continuing to withdraw their assets from the exchange even though they can do so. As of 15:30 UTC, withdrawals totaled $4.649 billion, and deposits totaled $1.01 billion, thus resulting in a net withdrawal amount of $3.638 billion. This represents 2.1% of Binance's stated $171 billion in assets.

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