Binance, the world’s largest cryptocurrency exchange, is currently experiencing a massive outflow of cash from its platform.

As the FTX contagion continues to spread through the crypto market, investors on the platform are withdrawing funds in droves, as reports reveal $12 billion worth of assets gone in less than 60 days.

Furthermore, data from a crypto company revealed that the sum of $360 million was withdrawn from the platform in November 2022.

Investor concerns on the platform have also been indicated by the performance of its native Binance USD (BUSD) and Binance Coin (BNB) tokens. Forbes research revealed that Binance’s shares of stablecoins BUSD have fallen 40% since November, while those of BNB have fallen 29%.

Meanwhile, Binance CEO Chanpeng Zhao, commonly known as CZ, has continued to claim that the situation has normalized, while also stating that the massive withdrawal of funds was normal market behavior, however, the data tells a story. different.

In December 2022, he revealed that around $14 billion in withdrawals occurred on the platform and claimed that it was not the highest withdrawal the company has ever witnessed, giving investors reassurance that deposits are coming back.

king of investors understands that the current Binance crisis is attributed to the collapse of the main cryptocurrency exchange FTX. After the company filed for Chapter 11 bankruptcy on Nov. 11, he sent shocking ripples to other crypto platforms as investors raised concerns.

It also had a negative impact on the cryptocurrency price, which declined massively, with Bitcoin currently trading at an all-time low of $17,429, while Ethereum price is currently trading at $1,333.

While the FTX crash has had a severe effect on the price of cryptocurrencies, it has also dealt a major blow to the broader crypto market, with some companies currently bearing the brunt.

Companies like Genesis, Sequoia Capital, BlockFi, Wintermute, and Coinshares have suffered losses after their exposure to FTX.

The FTX collapse also saw other companies lay off part of their workforce, which include Nestcoin, Coinbase, etc.