According to insider Colin Wu, 600,000 ETH was sent by Binance to the 15th largest Ethereum wallet, which might be because of recent regulatory concerns.

Binance Sends $1.28 Billion In Cryptocurrency To The 15th Largest Ethereum Wallet

At the current conversion rate of $2,040, it equates to a staggering 1,220,910,000 dollars. At the time of the transaction, ETH was trading at $2,072, and this ETH was worth $1.28 billion.

Colin Wu, a Chinese crypto writer, feels it is related to recent difficulties Binance has had with regulators in several countries.

Was it an internal Binance move, or was it influenced by regulatory news?

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 600,000 #ETH (1,280,174,902 USD) transferred from #Binance to unknown wallethttps://t.co/cb3gIZV0Cq

— Whale Alert (@whale_alert) July 2, 2021

In response, Twitter user @CloutedMind provided a picture from Etherscan showing that after receiving the 600,000 coins, this brand new ETH address grew to become the 15th largest wallet holding ETH.

This brand new wallet just became the 15th largest Wallet holding $ETH on chain#Ethereum pic.twitter.com/ZftXLV5YyJ

— CloutΞd (@CloutedMind) July 2, 2021

This fresh new wallet has just become the 15th largest wallet, storing $ETH on the Ethereum blockchain.

The transaction charge for this mind-boggling transfer, according to the same user, was merely 63 cents.

Overall, Whale Alert has detected a high number of large ETH transactions in the previous twenty-four hours.

The Value Of ETH On Exchanges Plummets Substantially

Earlier Wednesday, the Santiment analytics company tweeted that the quantity of ETH currencies held on cryptocurrency exchanges had reached a 31-month low. It is now at its lowest level since November of last year.

The analytics team believes that these ETH withdrawals may reduce the likelihood of a large ETH sell-off in the future.

Binance Is Facing Regulatory Problems

Binance, the world’s largest cryptocurrency exchange, has run into trouble with financial regulatory authorities in many countries, where the exchange was barred from functioning due to a lack of license.

These countries include the United Kingdom, Canada, Cayman Islands, Japan, and, most recently, Thailand’s Securities and Exchange Commission.