Share this article
Binance Users Withdrew $1.35B of Bitcoin in Days Following FTX Collapse
The net exit of crypto was industry-wide as FTX closed off customer withdrawals and ultimately filed for bankruptcy protection.
Updated May 9, 2023, 4:02 a.m. Published Nov 14, 2022, 4:55 p.m.
Make us preferred on Google
The world's largest cryptocurrency exchange, Binance experienced record levels of bitcoin, ethereum and stablecoin withdrawals alongside the implosion of rival exchange FTX.
Binance saw a net 81,712 bitcoin ($1.35 billion), or more than 15% of the roughly 500,000 bitcoin on its exchange, pulled from the platform over the past six days, according to data from CryptoQuant. In addition, a net 125,026 ether ($155 million) and $1.14 billion in stablecoins were withdrawn from Binance over the same period.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Appearing on a Twitter space on Monday morning, Binance CEO Changpeng Zhao appealed for calm, and said a "slight" uptick in the pace of withdrawals is normal when the prices of cryptocurrencies drop.
The withdrawals are an industry-wide issue, with Coinglass showing nearly 200,000 bitcoin pulled from exchanges over the past seven days bringing the level of bitcoin held on exchanges down to 1.88 million. Coinbase (COIN), Gemini and Kraken are among the crypto brokers seeing percentage declines similar to Binance.
The fast exits were prompted by the implosion of FTX, which was one of the largest exchanges before it filed for bankruptcy last week. Speculation over the company's financials mounted following a CoinDesk report that identified holes in the balance sheet of FTX sister company, Alameda Research. Customers scrambled to quickly withdraw funds from FTX, resulting in a liquidity crunch.
Within days, FTX had seen its own bitcoin balance fall from about 20,000 to just one.
Binance made an attempt to acquire FTX at the start of last week, signing a non-binding letter of intent only to walk away from a deal 24-hours later.
Binance did not immediately respond to CoinDesk's request for comment.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase CEO says Big banks now view crypto as an ‘existential’ threat to their business
Brian Armstrong returns from World Economic Forum with message: traditional finance is taking crypto seriously
What to know:
- Coinbase CEO Brian Armstrong said a top executive at one of the world’s 10 largest banks told him crypto is now the bank’s “number one priority” and an “existential” issue.
- At Davos, Armstrong highlighted tokenization of assets and stablecoins as major themes, arguing they could broaden access to investments for billions while threatening to bypass traditional banks.
- He described the Trump administration as the most crypto-forward government globally, backing efforts like the CLARITY Act, and predicted that AI agents will increasingly use stablecoins for payments outside conventional banking rails.
Top Stories
