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Binance Experiences Significant Outflows Following U.S. SEC Lawsuit

6 June 2023
in Latest News, News
Reading Time: 4 mins read
108 1
Home News Latest News

The United States Securities and Exchange Commission (SEC)’s recent lawsuit against Binance has substantially impacted both the crypto market and the exchange’s financial position.

Since the announcement of the lawsuit, there has been an increase in user withdrawals of Bitcoin, Ethereum, and Stablecoins from Binance’s exchange platform. However, it is important to note that these transaction volumes remain within historically average ranges.

Within the first hour of the SEC’s charges, Binance saw a significant outflow of approximately $1.4 billion in reserve assets. This amount represents around 2.6% of Binance’s total reserve assets, valued at $54.1 billion. Binance has also suffered a total loss of $999 million across all protocols in the last 24 hours. 

According to data provided by crypto analytic firm Nansen, Binance has witnessed negative net flows of approximately $778 million on the Ethereum blockchain; about $1.6 billion left the exchange, and a total of $871 million was recorded as inflow. 

Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum – $871.7M in and $1.65B out

Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum – $14.8M in and $50.5M out

Track it here https://t.co/nwTgpXWhZY and filter for “Binance” pic.twitter.com/jnNAN0QKVy

— Nansen 🧭 (@nansen_ai) June 6, 2023

As of the time of reporting, Ethereum-based tokens continue to experience negative net flows. In the most recent hour alone, the exchange recorded $14.8 million in asset inflows and $50.5 million in asset outflows.

Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum – $871.7M in and $1.65B out

Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum – $14.8M in and $50.5M out

Track it here https://t.co/nwTgpXWhZY and filter for “Binance” pic.twitter.com/jnNAN0QKVy

— Nansen 🧭 (@nansen_ai) June 6, 2023

In addition to Ethereum, Binance has also seen a substantial outflow of Bitcoin, the largest since the collapse of FTX. Over the past 24 hours, more than 20,000 BTC have been withdrawn from the exchange.

Although the net outflow caused by the recent U.S. SEC lawsuit is noteworthy, the current outflows are still lower than those experienced during periods of stress or regulatory uncertainty in the past.  When Binance faced a lawsuit from the U.S. Commodity Futures Trading Commission (CFTC) in March 2023, data from Thanefield Capital showed that the exchange recorded an outflow of over $850 million within 12 hours of the lawsuit’s announcement.

Meanwhile, as investor confidence in Binance has declined, OKX has emerged as a preferred platform for traders, experiencing an inflow of over $190 million within the same 24-hour period.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

 

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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