Binance users have withdrawn nearly $1 billion from the cryptocurrency exchange following the resignation of its CEO, who is now facing potential legal troubles.

The abrupt departure of the CEO has sent shockwaves through the crypto community, raising concerns about the future of one of the world’s largest crypto platforms.

CEO Changpeng Zhao, stepped down amidst mounting regulatory pressure and investigations into Binance’s operations.

Reports suggest that authorities in several countries are probing the exchange for potential violations related to money laundering, securities laws, and tax evasion.

This uncertainty has prompted Binance users to take action, moving their assets out of the exchange.

The exodus of funds has left Binance scrambling to reassure its users and investors.

The exchange has vowed to cooperate fully with regulatory authorities and conduct a thorough internal review to address any compliance issues.

However, the damage to its reputation may be substantial, and questions loom about the impact of these developments on the broader cryptocurrency market.