Binance funds outflow totaled $956 million after Zhao left his post

Investors have withdrawn about $956 million from crypto exchange Binance over the past 24 hours after its CEO Changpeng Zhao resigned following his guilty plea on Tuesday to settle a years-long investigation into illegal financing in the United States, according to market data.

Zhao was replaced by Richard Teng, a top Binance executive who joined the company in 2021, the company said in a statement.

Data from crypto-analytics platform Nansen, which does not account for bitcoin flows, suggests that some investors were shocked by the news and withdrew $956 million.

However, according to Nansen, the outflows were small compared to the more than $65 billion in assets remaining on Binance.