Over 12,549 Bitcoins Move to Binance After OKEx Resumed Withdrawal

Data from CoinHolmes show crypto assets from OKEx mainly flowed to Binance, Huobi, Bitfinex by 10:00 a.m. on November 27 after the exchange resumed the withdrawal. Among them, nearly $250mln worth of mainstream crypto assets flowed from OKEx to Binance, including 12549 BTC, 29539773 ETH, 13396736.231 USDT.

Since OKEx does not disclose the wallet address, the data about the asset outflow of the exchange is not as accurate as that of Binance and Huobi who disclose the wallet address. In addition, after the panic gradually passed, the bitcoin flowing from Huobi to Binance also began to rebound.

According to similarweb’s data, the average website traffic share of Binance in China is 25.6%, and the daily average peak is 28.3%, which is about 5% – 10% higher than that of Huobi and OKEx. What’s more, China’s regional user flow only accounts for a small part of the Binance.

Unlike OKEx and Huobi, the risks faced by Binance may mainly come from the United States regulator. Forbes’s report on Binance’s evasion of U.S. regulation aroused Binance’s anger and chose to sue Forbes reporter.

At present, US regulator is playing a game with Coinbase, the largest exchange in the United States. Coinbase believes that the outgoing U.S. Treasury Secretary will issue stricter KYC requirements for cryptocurrency so that all operating data of cryptocurrency are under supervision, which will seriously damage the industry.

Although the current focus of the United States is on Coinbase, the attention of different departments in the United States for the crypto giant, as well as the lessons learned from BitMex, still make Binance have hidden worries.

With the recovery of OKEx founder Star Xu ‘s freedom, this round of investigation seems to be calming down. Since OKEx has launched numerous incentive measures, it still needs to dispel doubts about its internal management.

Both OKEx and Huobi have learned from experience and may start radical overseas expansion. Under Du Jun’s leadership, Huobi may migrate to Singapore in an all-round way, and competed with Binance for the acquisition of the head exchange of Japan and South Korea. It should be the development direction of OKEx and Huobi to compete with Binance in the global market and reduce its dependence on the Chinese market.

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