Nansen Analyst: On-Chain Data Shows Binance’s Financials Are Still a “Black Box”

According to CoinDesk, Nansen analyst Andrew Thurman said that Binance may be "well-capitalized," but its financial situation remains largely a "black box." Although the exchange has announced that it holds $55 billion in customer deposits on-chain, beyond that, we don't have much on-chain or any form of financial access or transparency to their entities. A total of about $6 billion was withdrawn from Binance in a 24-hour period last week, with trading firm Jump Trading one of the largest entities moving funds out of Binance, according to Nansen’s analysis.