Binance, the world’s largest cryptocurrency exchange, is currently facing strong speculations across social media regarding significant withdrawals.

“Get your funds off of Binance. -$17bn of withdrawals in the last 7 days. There is a risk they will become insolvent, and you won’t be able to get your money out. Withdraw now or cry later,” a popular crypto analyst on X expressed.

Although estimates of withdrawals differ, ranging from $10 billion to $17 billion, numerous users have voiced similar concerns.

In response, Binance clarified that the figures presented are from unreliable third-party sources. They have assured that discrepancies in reported data will be corrected shortly.

“Thank you everyone for your concern about Binance. The data cited by Coinglass comes from third-party sources, and DefiLlama previously showed discrepancies. It will take another 24 to 48 hours for their data to be restored.”

Binance emphasizes the importance of withdrawal protocols and even suggests the introduction of a designated annual “withdrawal day” to allow users to verify their assets completely.

According to the latest Proof-of-Reserves report on Binance’s website, all cryptocurrencies remain overcollateralized, indicating that the assets are healthy and secure.

Binance Proof of Reserves Source: Binance