Withdrawals from Binance, the world's largest crypto exchange, have surged as concerns over its proof-of-reserves report spook traders. The exchange has endured $902 million of net outflows (the difference between the value of assets arriving and leaving the exchange) in the last 24 hours, according to data from Nansen. Binance’s net outflow has surpassed those of all other centralized exchanges’ and is almost nine times larger than the second-largest outflow. It is also the highest outflow for the exchange since Nov. 13, which was two days after rival exchange FTX filed for bankruptcy protection. The withdrawals come as traders look to an announcement from the Federal Reserve on Wednesday about interest rates. The Fed is widely expected to raise its benchmark rate by 0.5 percentage point. Following the outflows, Binance CEO Changpeng Zhao warned his staff to expect turbulent times ahead. Amid concerns about the exchange’s financial health, he wrote in an internal memo, "While we expect the next several months to be bumpy, we will get past this challenging period – and we'll be stronger for having been through it." By Lyllah Ledesma, Omkar Godbole, Dec 14, 2022, https://www.coindesk.com/markets/2022/12/14/first-mover-americas-binance-hits-turbulence-as-withdrawals-mount/
