Binance News: Crypto Outflows Rise In 24hrs After SEC Suit

Binance & Coinbase Experience Negative Outflows

Within the past 24 hours, Binance’s US arm experienced a net outflow of approximately $123 million across multiple chains, excluding Bitcoin. Notably, assets like MATIC accounted for around $41.6 million, with an additional $19.4 million withdrawn. Meanwhile, Binance Global encountered a net outflow of around $368 million. In a parallel trend, Coinbase faced a net outflow of approximately $105 million.

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Read More: Kim Kardashian Gets No Relief From Court In Crypto Scam Lawsuit

As news of the lawsuit gained widespread attention on Tuesday, Binance customers swiftly withdrew approximately $3 billion in assets, while only $1.57 billion was deposited, resulting in a staggering negative net outflow of $1.43 billion. Similarly, the California-based Coinbase experienced users withdrawing approximately $2.64 billion, with only $1.46 billion in deposits, leading to a negative net outflow of $1.18 billion.

Crypto Market Frenzy Over SEC Lawsuits

Following the failure of the fraudulent crypto exchange FTX in November 2022, crypto assets were seen to be redistributed among a number of different exchanges as a result of the event. The Binance exchange emerged as the primary recipient of these inflows. However, following the recent SEC charges against Binance, it appears that a portion of those gains has now been reversed.

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The lawsuit filed by the SEC alleges that Binance engaged in the unregistered offer and sale of securities. Additionally, Binance’s former Chief Legal Officer is accused of willfully violating US regulations, as revealed by private chats obtained by the authority. Furthermore, Binance’s CEO, Changpeng Zhao, faces allegations of improperly mingling investor funds with the company’s own funds.

Conversely, the US watchdog has leveled accusations against Coinbase, claiming that it operated as an unregistered broker, exchange, and clearing agency. These allegations raise concerns about potential violations of financial regulations. However, Coinbase’s CEO, Brian Armstrong, has not been charged in connection with the lawsuit.

Also Read: US Court Interrupts SEC’s Enforcement Against Crypto Exchanges

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