Though roughly $1 billion in value left Binance amid the company’s settlement with US regulators and founder Changpeng Zhao stepping down, the exchange’s outflows have stabilized.

Blockchain analytics firm Nansen said in a Wednesday X post that while withdrawals are continuing, “we’re not seeing a mass exodus of funds.”

Binance had seen net outflows — more value leaving the exchange than entering — of $956 million in the past 24 hours on Ethereum as of 6:30 am ET Wednesday, the company said.

But those net outflows have slowed, as only $17 million had come in the previous hour.

“Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it’s quite small,” a Nansen spokesperson said in an email. “There is still well over $65 billion of assets on the platform.”

Tether (USDT) and bitcoin (BTC) made up the majority of holdings on Binance, each accounting for nearly $19 million in value at that time.

There remains about $2.8 billion worth of Binance Coin (BNB) held at the exchange. BNB’s price was about $231.50 at 10 am ET — down 9.3% in the past 24 hours and down about 1% in the last hour.

Read more: Crypto assets dip as Binance settlement unfolds — but what’s next?

The US Department of Justice said Tuesday Binance had agreed to pay $4.3 billion in fines and forfeitures. The announcement came after an unsealed indictment was made public, accusing Binance and Zhao of violating anti-money laundering laws and sanctions regulations. Zhao also agreed to step down from his CEO post.

Industry watchers have said the guilty pleas by Binance and Zhao could be a net positive for the space — particularly as it appears the exchange will continue to operate.

In a Tuesday statement on X, Zhao said “Binance will continue to grow and excel with the deep bench it has” — naming former global head of regional markets Richard Teng as CEO.

“It’s positive to see the US DOJ working with Binance to close this out and thereby avoid a Binance collapse,” ETC Group CEO Tim Bevan said in a statement. “Market reaction — BNB coin [and] withdrawals from Binance — suggests so far that Binance can swallow these penalties.”

Teng called Binance’s business fundamentals “very strong” in an X post, citing a separate post by Coinbase director Conor Grogan that claims the exchange holds $6.35 billion in total assets, excluding funds held off-chain or in wallets.

The fundamentals of our business are VERY strong.

Binance continues to operate the world's largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits. https://t.co/PHq2YS0CP5 — Richard Teng (@_RichardTeng) November 22, 2023

The fine is relatively small given Binance’s financial reserves, argued Stefan Rust, CEO of data provider Truflation — making the company “extremely financially sound.”

“The legitimizing of one of the industry’s biggest players will also help incumbents feel a level of comfort that will allow us all to move forward into a new bull market,” Rust added.

A Binance spokesperson did not return a request for comment.

Don’t miss the next big story – join our free daily newsletter.