Millions of XRP to Be Moved by Binance, Here's What's Happening
Major cryptocurrency exchange Binance has warned the crypto community that major XRP transactions are imminent. According to the announcement, the transactions will take place as part of a purge of collateral-related wallets. In addition to XRP, Chainlink's token, LINK, will also be moved to the corresponding wallet.
Binance is experiencing increased scrutiny
Binance is currently experiencing tremendous attention from all sides due to last week's news. Recall, as reported by U.Today, rumors have emerged that the U.S. Attorney's Office is considering charging the exchange with money laundering and sanctions violations.
These rumours were then repeatedly dismissed by the exchange's representatives and its head, Changpeng Zhao, but the damage was done nonetheless. For example, Binance's native token, BNB, closed the week at minus 12%, at one point losing more than 22%.
In parallel, the exchange experienced multi-billion dollar outflows, but to be fair, all customer payments were properly processed. The exchange-ecosystem now has a net worth of $55 billion. In the last 24 hours, it has grown by $500 million.