Nansen Analyst: On-chain data shows Binance's financial situation remains an "enigma"

CoinDesk reported that Nansen analyst Andrew Thurman stated that Binance may be "well-capitalized," but its financial situation remains largely a "black box." Despite the exchange disclosing holding $55 billion in customer deposits on-chain, we don't have much on-chain or any form of financial access or transparency to their entities beyond that.

According to a report from CoinDesk, Nansen analyst Andrew Thurman stated that Binance may be "well-capitalized," but its financials remain largely a "black box." Despite the exchange having disclosed holding $55 billion in customer deposits on-chain, beyond that, there is not much on-chain or any form of financial access or transparency to their entity.

Last week, around $6 billion in funds were withdrawn from Binance within 24 hours, with trading firm Jump Trading identified as one of the largest entities moving funds out of Binance, according to Nansen's analysis.

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