According to Coinglass data, Binance saw a staggering 51,398 Bitcoin leave the exchange over the past month. Notably, around 48,000 of these coins were withdrawn on August 27, coinciding with widespread complaints from Palestinian users about frozen assets on the platform.
Additionally, Binance, the largest crypto exchange by trading volume, experienced an outflow of over 275,200 Ethereum in the past 30 days, with 86,486 ETH leaving in just the last 24 hours. Combined with the Bitcoin withdrawals, the total value of BTC and ETH that has exited Binance over the past month is approximately $3.7 billion.
Despite the significant outflows, Binance remains the second-largest holder of Bitcoin and Ethereum, with a total balance of 566,113 BTC and 3.44 million ETH. Coinbase leads with 824,887 BTC and 4.44 million ETH, according to Coinglass data.
The outflows surged after Ray Youssef, co-founder and former CEO of Paxful, alleged that Binance had seized the assets of Palestinian users. In response, Binance told crypto.news that only a limited number of accounts were affected due to the exchange’s anti-money laundering and terror financing policies.
The controversy has sparked a backlash on social media, with many pro-Palestine users on X promoting the hashtag #BoycottBinance, deleting their accounts, and criticizing the exchange’s actions.
