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Binance Hits Record $1.2 Billion Inflows In 24 Hours, CEO Celebrates On X

By Akriti Seth

Last Updated: Aug 8, 2024

Fact checked

By Sam Cooling

Binance

Binance experienced a record-breaking $1.2 billion in inflows within a 24-hour period.

On 6 August 2024, Binance CEO Richard Teng took to social media to make the announcement. “Amid the macroeconomic climate and yesterday’s market downturn, Binance recorded a net inflow of US$1.2 billion in the past 24 hours,” he said. 

“This marks one of the highest net inflow days of 2024, indicating strong investor confidence,” Teng added.

EXPLORE: Top 16 New and Upcoming Binance Listings in 2024

Rebound In Major Token Prices, Increased Demand For BNB

During the recent market volatility, Bitcoin and top coins fell hard. To quantify, Bitcoin was down 25% in the last trading week while Ethereum and Solana were worse, posting 31% and 37% losses.

Recent sharp drops in crypto and equity prices are influenced by macroeconomic factors, according to Teng. “We do NOT believe it’s indicative of a long-term negative trend. With potential Fed rate cuts and geopolitical volatility, there’s still significant potential for market fluctuations.

Binance CEO, Token prices

The record $1.2 billion inflows into Binance within 24 hours is a significant event with far-reaching implications for Binance Coin (BNB).

“Yesterday also, we saw one of the highest trading volumes on Binance year-to-date,” Teng said. “We are now witnessing a rebound in major token prices, with current market trends validating this.”

Increased demand for BNB, enhanced utility, and potential price volatility are key considerations for investors.

Binance’s Recent Regulatory Issues

Recently, Indian regulatory authorities issued a show cause notice to the world’s largest crypto exchange, demanding a Goods and Services Tax (GST) payment of $86 million, on 6 August 2024.

Read more: Binance Faces $86 Million Unpaid Tax Notice In India, Challenges It 

Binance allegedly failed to pay the GST tax, after collecting said tax from its Indian customers. “Binance reportedly earned at least Rs 4,000 crore from transaction fees charged to Indian customers,” local media reported.

Meanwhile, Binance is ready to challenge the $86 million tax showcause notice.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Akriti Seth
Akriti Seth
Editor

Akriti Seth is a Zurich-based Business Journalist and Crypto Editor. Her passion for journalism has taken her across the globe – from thriving as an on-television correspondent to writing engaging articles, she has worked for companies like Informa UK, Bloomberg... Read More

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