Binance still holds its leading position? Net inflow of $4.6 billion after settling with the United States, BNB surges 30% outperforming the market.

Despite some predictions at the end of last year suggesting a possible change in leadership for cryptocurrency exchanges by 2024, on-chain data still shows that Binance continues to dominate in terms of net inflows of cryptocurrency assets.

Binance founder Changpeng Zhao agrees to resign, pleads guilty, and Binance is fined $4.3 billion.

Binance's post-settlement net inflows far exceed competitors

Bloomberg cites data from DeFiLlama indicating that since its settlement with the U.S. Department of Justice on November 21st, Binance has seen a net inflow of up to $4.6 billion in cryptocurrency assets, far surpassing major competitors such as OKX and Bybit, nearly double that of OKX, and four times that of Bybit's net inflows.

Signs of recovery for Binance

In January 2024 alone, Binance has attracted $3.5 billion in net inflows, marking its best monthly performance since November 2022.

In addition, Binance's spot trading volume statistics show that after nine months of decline, December of last year was the only month, aside from February, that exhibited an upward trend.

BNB rises 30%, outperforming the market

Bloomberg also points out that BNB has risen 30% since November 21st, outperforming the overall market.

During the same period, Bitcoin has risen approximately 16.3%.

Richard Teng faces challenges and regulatory risks

Finally, Bloomberg emphasizes that Binance's new CEO, Richard Teng, still faces a series of challenges, including establishing Binance's global headquarters, forming a board of directors, and appointing an independent monitor for a period of three years as part of the settlement agreement with the U.S. Department of Justice.

In addition, Binance has not yet obtained full licenses in major cryptocurrency centers such as Singapore, Dubai, and Hong Kong, and the ongoing litigation with the U.S. Securities and Exchange Commission has not been fully resolved.

Last year, Binance faced a series of regulatory issues in European Union countries, although there are signs of easing, India recently announced a complete ban on nine exchange websites, including Binance, on official websites, Google, and Apple App Stores.

India delists Binance, Kraken, and nine other exchanges, complete ban on official websites, Google, and Apple App Stores