Binance transfers $3B worth of BTC to a new address.

The top cryptocurrency exchange, Binance, has moved a massive amount of Bitcoin (BTC) to a new blockchain address. The crypto firm assures its users that their funds are safe and now stored in cold storage. Binance recently moved at least nine figures worth of BTC.

Blockchain analytic firm, Blockchain.com, has also verified Binance’s claims and found that 15,000 BTC was transferred to the new address on Monday. Another transaction was also found where 117,000 BTC was transferred from one of Binance’s old cold wallet addresses to a new one, worth over 3 billion dollars. Bitinfocharts also confirmed the data, stating that a total of 130,000 BTC left Binance’s cold wallets on Monday.

Despite the large amounts being transferred, Binance remains the exchange with the largest BTC balance, with 510,425 BTC, while the closest exchange, Coinbase Pro, has 486,568 BTC.

Is Trouble Looming for the Binance Exchange?

Binance has been facing issues that have raised concerns among users and stakeholders. The exchange is currently being sued by the US Securities and Exchange Commission (SEC) for violating United States securities laws. Additionally, there have been claims that Binance’s proof of reserves is questionable, and there is an air of uncertainty surrounding the exchange. However, Binance has a track record of making it out of the tunnels alongside its CEO Changpeng Zhao.

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