Response to Claims of $20 Billion Outflow from Binance

Recently, claims that the cryptocurrency exchange Binance has experienced over $20 billion in weekly outflows have become the focus of the crypto community. These speculations gained momentum following a post shared on X platform derived from CoinGlass data. However, DeFiLlama data indicates that there was approximately $900 million in net inflows to Binance during this period, and more than $4 billion in new funds flowed in over the last 24 hours.

Binance co-founder Yi He humorously responded to the circulating rumors on social media, stating, “If someone offers you less than $20,000 and wants you to write fear, uncertainty, and doubt (FUD) about Binance, consider it an insult. They pay others that much too.” Yi He’s comments came in response to a post by investor El Jaboom, who highlighted the strong inflows Binance was actually experiencing.

This week, it is notable that Binance has defended itself for the second time. On Tuesday, the company announced that it does not profit from the token listing process. This announcement followed allegations by Limitless Labs CEO CJ Hetherington that Binance requested 8% tokens and additional deposits from projects during potential listing discussions. Binance labeled these claims as “false and defamatory” and threatened legal action.

In light of the backlash, Binance softened its tone by retracting a statement made from its support account, saying, “We stand by our position, but our communication was excessive. We apologize to users and the industry.” They also announced the launch of a $400 million reimbursement program for affected users following the recent sharp market downturn.