Crypto investors are gradually regaining their trust in the largest exchange Binance, which two months ago pledged to pay a multi-billion dollar fine to US authorities.
According to the DefiLlama service, the net inflow of funds to Binance amounted to $4.6 billion since the agreement was concluded with the US authorities in November. This amount is much higher than the influx of assets over the same time to the sites of its largest competitors OKX and Bybit.
In January alone, the crypto exchange raised $3.5 billion: this is more than in any full month since November 2022.
Binance's share of cryptocurrency spot trading stabilized in December after nine straight months of decline, and the Binance Coin token is up 30% since November 21. Binance directly benefited from the market recovery and the Bitcoin price rising by almost 160%.
The new head of the crypto exchange, Richard Teng, is trying to fulfill all the requirements of American financial regulators. It is required to establish a global headquarters, appoint a board of directors and an independent observer for a period of three years. Binance also does not have full licenses in major cryptocurrency hubs such as Singapore, Dubai and Hong Kong. And the firm is still fighting a lawsuit from the US Securities and Exchange Commission (SEC)..
Despite leaving the post of CEO and persecution by the US authorities, Changpeng Zhao, according to the Bloomberg Billionaires Index, increased his wealth by $25 billion in 2023, to $37.2 billion.