YEREVAN (CoinChapter.com) — BNB’s rival exchange tokens have responded positively to the news of Binance’s CEO Changpeng Zhao pleading guilty of breaking anti-money laundering laws.
BNB Rival Exchange Tokens Rise
According to crypto data provider Messari, four out of the top six exchange tokens (after BNB) printed green candles on their daily charts after the Binance news.
FTT, the native token of the infamous FTX exchange, rallied 16% on Nov. 22. OKX, currently the third-largest exchange by daily trading volume ($2.9 billion), saw its OKB coin jump 2.4% in the previous 24 hours.
Similarly, THORChain‘s RUNE price rose 5.5%, while dYdX‘s same-name coin rose over 4.6%, and Uniswap’s UNI token inched up 0.5%.
Binance Rivals Detect Pent-Up Network Activity
Binance’s rival exchanges experienced heightened network activity. For example, the 7-day and 30-day active addresses on dYdX rose to the highest since Q3.
The number of DYDX token holders rose after the short-lived dip.
Binance Continues to Be the Biggest Crypto Exchange
In the latest Binance letter to shareholders, Binance assured that the “fundamentals” of their business remain “rock solid.”
Binance continues to operate the world’s largest cryptocurrency exchange by volume. We take our responsibility as a custodian very seriously and maintain 1:1 backing for every user asset. This means that users can withdraw 100 percent of their assets from the platform at any time.
read the letter.
However, the aforementioned rally across BNB’s rival exchange tokens confirms that users were spooked regardless of Binance’s assurances.
BNB drops 15% after $1B outflow
Meanwhile, the BNB coin dove 15% after the news hit the market, bottomed out at a former support line of $224, and partially recovered to $233 in the European session on Nov. 22.
Moreover, the significant drop was accompanied by a whopping $1.2 billion worth of outflows from the exchange, according to data from on-chain tracker Defillama. Notably, several rival exchanges saw substantial inflows.
For example, nearly $94 million flooded OKX, and Kraken saw $64 million despite the recent lawsuit. Additionally, Bybit inflows stood at $39 million on Nov. 22, while crypto.com inflow reached $62 million.
