Following the latest allegations, Binance, a leading cryptocurrency exchange, experienced significant outflows of Bitcoin and Ethereum.

According to data from Coinglass, 51,398 Bitcoin tokens exited Binance over the past month. Notably, around 48,000 coins were withdrawn on August 27, following complaints from Palestinian users about frozen assets.

In addition, Binance saw over 275,200 Ethereum tokens leave the exchange in the past 30 days. The platform recorded an outflow of 86,486 ETH in just the past 24 hours.

The combined Bitcoin and Ethereum outflows from Binance over the past month are worth approximately $3.7 billion at the reporting time.

Despite these outflows, Binance remains the second-largest holder of Bitcoin and Ethereum with a total balance of 566,113 BTC and 3.44 million ETH. Coinbase currently leads with 824,887 BTC and 4.44 million ETH, based on Coinglass data.

These outflows followed claims by Ray Youssef, co-founder and former CEO of Paxful, that Binance seized the assets of its Palestinian users.

Binance stated that only a limited number of users were affected due to the exchange’s anti-money laundering and terror financing policies.

Pro-Palestine users have taken to social media, sharing the hashtag #BoycottBinance. Some have even started deleting their Binance accounts and criticizing the exchange’s decision to freeze Palestinian users’ funds.

For more updates on cryptocurrency news and market trends, explore Global Crypto News.

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