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#Benance: Janet Yellen’s Binance Slipup Goes Viral

Last Updated November 24, 2023 1:54 PM
James Morales
Last Updated November 24, 2023 1:54 PM

Key Takeaways

  • Janet Yellen’s mispronunciation of Binance has taken the internet by storm.
  • Social media users have remixed the U.S. Treasury Secretary’s speech on recent charges against Binance.
  • After an initial panic, there are no signs of any serious loss of confidence in the crypto exchange.

Janet Yellen probably didn’t expect her address at a news conference announcing criminal charges against Binance would provide comic fodder for the online crypto community. 

But thanks to her awkward pronunciation of Binance, the internet can’t get enough of the U.S. Treasury Secretary. In the latest viral trend, Yellen’s gaffe has been remixed and shared across social media, clocking up millions of combined views as users ridicule her “Benance” speech.

Social Media Jumps On #Benance

Footage of Yellen’s press conference spread worldwide and, within hours, #Benance was trending in X, and before long, edited videos were circulating across the internet.

By Thursday, November 23, a Benance ERC-20 token had emerged, complete with its own 1700+ member Telegram channe l. According to DEXTools , the token had a market cap of around $2.5M as of Friday afternoon.

For what was meant to be a sober indictment of the crypto exchange’s compliance failings, the meme-ification of Yellen’s Binance speech makes light of an otherwise serious news story. One that 

Binance Stems Outflows After Initial Panic

The initial reaction to Binance’s $4.3B fine and the departure of its CEO Changpeng Zhao (CZ) saw over a billion dollars pulled from the platform. But as markets have absorbed the news, outflows have stabilized.

At the height of the post-settlement asset run on Wednesday, Binance users triggered net outflows of 4,773 BTC and 8, 2680 ETH. 

By the next day, however, BTC withdrawals had dropped back down to normal levels, while the platform recorded net positive ETH flows on Wednesday and Thursday. For now, at least, #Benance has survived.

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