Binance sees $956 million in outflows after Zhao steps down to settle U.S. probe

FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Investors pulled about $956 million from crypto exchange Binance over the past 24 hours, data firm Nansen reported on Wednesday, a day after its chief, Changpeng Zhao, stepped down and pleaded guilty to breaking U.S. anti-money laundering laws.

The deal, which will see Binance pay $4.3 billion to U.S. authorities to settle the years-long illicit finance probe, has raised questions over the future of the world's largest crypto exchange and marks another blow for an industry beset by scandals. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said.