Binance Withdrawal Halt Drove Deposit Surge at Rival Crypto Exchanges

Binance payouts plunged 99.8% during its 54-hour withdrawal halt, while rival exchanges recorded increased deposits and user activity. Binance's 54-hour withdrawal halt following a black swan security incident has triggered a surge in deposits at competing cryptocurrency exchanges. Bybit, OKX and Bitget recorded significant increases in user activity as investors ditched Binance for the safety of rival cryptocurrency exchanges. On-chain data compiled by blockchain analytics firm Bitquery shows that traders moved funds to alternative platforms during Binance withdrawal disruption as the incident temporarily redirected capital away from the world's largest cryptocurrency exchange.