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Largest Bitcoin Withdrawal from Binance

Binance, one of the world's largest cryptocurrency exchanges, saw one of the largest withdrawals this year. 13, 820 Bitcoins have been withdrawn from Binance, according to several sources. On Tuesday, July 27, at least 13,820 Bitcoins were moved from the Binance cryptocurrency exchange.

The same day Binance CEO Changpeng “CZ'' Zhao specualted that he might be willing to step down from his role as Binance seeks to become a regulated financial institution. Later, he denied these reports.

Binance wants to ‘be a financial institution’ as pressure mounts and regulatory warnings from the United States, the United Kingdom, Germany, Japan, Italy and Lithuania to Hong Kong are only growing.

Crypto exchange Binance faces US money laundering probe

Reuters reported, Cryptocurrency exchange Binance plans on doubling its compliance department this year willing to "humbly welcome more capable talents" as it faces a blizzard of global regulatory probes. According to Bloomberg, Binance was being investigated by the Commodity Futures Trading Commission to determine whether U.S. residents breached securities law by trading derivatives on the exchange.

Large Bitcoin withdrawals were probably made in response to the recent KYC rules changes announced by Binance.

Days ago, Binance had to stop selling digital versions of stocks like Tesla and Apple.

Binance, which operates in more than 180 countries and claims it has an average daily trading volume of US$2 billion. Leading crypto exchange Binance has been attracting more than 300,000 user registrations a day.

The world’s largest crypto exchange Binance has no headquarters. Binance was initially based in China, but later had to move its headquarters out of China due to Beijing's increasing regulation crackdown on cryptocurrency markets. The founder and CEO of Binance is Changpeng Zhao, commonly known as "CZ", Chinese business entrepreneur from Jiangsu, Eastern China.

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