179,000 BTC WITHDRAWN

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Bitcoin output from exchanges rose to 179 thousand; Binance aims to allocate $1 billion for a crypto recovery fund; United Arab Emirates has terminated FTX’s license.

179,000 BTC withdrawn from exchanges in a month

According to data from on-chain analytics company Glassnode, the monthly amount of BTC withdrawals from major exchanges has increased to 179 thousand.

Users decided to withdraw their assets to third-party wallets as the FTX crash continued to wreak havoc on the market. After the crisis in FTX, nearly $3 billion worth of assets were withdrawn from exchanges.

Glassnode data suggests it was the largest-ever BTC outflow from exchanges in almost a month. The tendency to withdraw assets from stock markets continues.

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Binance aims to allocate $1 billion for a crypto recovery fund

Speaking to BloombergTV on November 24, Binance CEO Changpeng Zhao touched upon several hot topics over the past month, which has been quite turbulent for the cryptocurrency ecosystem.

According to Zhao’s statement, Binance plans to set aside $1 billion for a proposed recovery fund. Zhao said the details of the fund would be published on the exchange’s blog in the coming days.

The Binance CEO also said that the exchange would consider taking a second look at some FTX-owned assets or businesses. Binance had considered a deal to buy Sam Bankman-Fried’s exchange before FTX’s collapse in November 2022.

Zhao said that FTX has invested in several projects, some of which may be salvageable and attract interest as they become available.

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United Arab Emirates has terminated FTX’s License

The collapse in the cryptocurrency exchange FTX continues to affect the market negatively. Dubai Virtual Assets Regulatory Authority (VARA) has suspended the license that allows FTX to work on the local market.

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VARA announced suspending FTX’s license in the UAE on its website. The regulator has also revoked FTX MENA’s Minimum Viable Product (MVP) license. 

A new law was passed in the United Arab Emirates on March 9 in Dubai that established a legal framework for cryptocurrencies and resulted in the establishment of VARA. Regulators were responsible for protecting investors and establishing standards for industry governance.

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