Traders have withdrawn some $1 billion of digital assets from Binance on Monday, resulting in $503 million in net outflows - on track to be the largest daily outflow since March banking crisis, data compiled by 21Shares shows. sndr_krisztian reports
Blockchain data shows that the exchange endured some $503 million in net outflows on Monday, according to a Dune Analyticsby crypto investment product provider 21Shares. Traders have withdrawn more than $1 billion of digital assets during this period, compared to the $546 million in deposits, per the chart.
This is on track to be the largest daily net outflow since at least mid-March, when investors worried about failing crypto-friendly banks destabilizing crypto exchanges, according to data by 21Shares.data showed that at one point Binance recorded $231 million more withdrawals than deposits within a one-hour period following the news about the lawsuit. The data excludes bitcoin transfers.While outflows are rising, this isn't necessarily out of the ordinary yet.
some 830 million of net outflows over a 24 hour period as New York state regulators cracked down on Binance-related stablecoin BUSD, CoinDesk reported.on exchange reserves. The outflows came as the SEC lawsuit alleges that Binance, the world’s largest crypto exchange by trading volume, breached multiple federal securities laws. The suit said that Binance offered unregistered crypto securities, including BNB and BUSD tokens, to the general public and allowed for commingling of customer funds.
The SEC also alleges that CZ, the company’s chief executive officer, was “secretly” in control of Binance.US, an ostensibly separate entity operating in the U.S., and a CZ-owned entity had inflated Binance.US’s trading volume.
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