As the Chinese government cracks down on several crypto exchanges catering to traders based in China, many of those customers – and their bitcoin – have been making their way to Binance over the past few days.
Bitcoin flows to Binance from Huobi reached an all-time high since the Huobi chief operating officer, Robin Zhu, allegedly went missing on Nov. 2. According to data provided by CryptoQuant, a total number of 18,652 bitcoin, worth nearly $300 million, was transferred from Huobi to Binance from that day until Nov. 11.
“A lot of users went to Binance because Chinese users are more familiar with Binance and Binance’s executives are all overseas,” Colin Wu, a Chinese crypto reporter behind the Twitter account @WuBlockchain, told CoinDesk on a WeChat message.
Read more: https://www.nasdaq.com/articles/%24300m-in-bitcoin-flow-to-binance-from-huobi-as-china-gets-tougher-on-exchanges-2020-11-13