As users report issues off-ramping, daily withdrawals from Binance double

Reuters obtained information from Nansen that indicated that there have been $1.6 billion in withdrawals from Binance since Monday.

During this time, users of Binance are reporting difficulty off-ramping via social media.

However, others have deemed the assumption of widespread withdrawals to be FUD.

The CFTC sues Binance

On March 27, the Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance, claiming that the exchange had broken a number of regulations by operating a cryptocurrency exchange that wasn’t in compliance.

Rostin Behnam, Chair of the CFTC, stated to CNBC that Binance used “a direct, clear method” to access the American market while purposefully violating U.S. laws.

Following the CFTC’s court filing earlier this week, Reuters reports that Binance users withdrew $1.6 billion, with more than half of that, or $852 million, leaving the exchange within the last 24 hours. The average daily withdrawal rate over the past two weeks, which was estimated at $385 million, is more than double this amount.

According to Research Analyst Nansen Martin Lee, despite a higher-than-anticipated withdrawal rate in the last 24 hours as a result of regulatory actions, it was still lower than withdrawals in December 2022, when concerns about the exchange’s solvency were at their height.

According to CryptoQuant CEO Ki Young Ji, Binance handles billions of dollars in deposits and withdrawals each day. Exchange reserve graphs for Bitcoin and Ethereum were included in his tweet. The latter showed reserves declining, whereas Binance’s Bitcoin balance is rising, with a sharp increase this week.

Young Ji continued by calling a Wall Street Journal report that said Binance had lost $2 billion in Ethereum in the last seven days “ridiculous FUD” and criticizing it.

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Users report problems off-ramping

In the mean time, a post on r/BinanceUS depicted a money withdrawal started quite a while back through the Computerized Clearing House (ACH) network that presently can’t seem to show up.

The poster urged others to share their off-ramping experiences at this time while stating that Binance customer service could not provide definitive information regarding the holdup.

Similar issues were reported by a number of Redditors, one of whom stated that the provided explanation was that funds were stuck “in limbo” with the payment processor. Another person echoed this response, stating that customer service informed them that the delay was being fixed by “working diligently with our payment processor.”

@ParrotCapital advised his followers to transfer funds in cryptocurrency and take another off-ramp.