On-chain analyst Willy Woo has said “Binance customers don’t care about” recent enforcement action by the Securities Exchange Commission (SEC).
Woo made the comments about Bitcoin holders on the main global platform. However, further analysis revealed that Binance.US altcoin holders are withdrawing significant amounts.
Binance Bitcoin Balance Remains Stable
On June 6, the SEC filed a motion to ask the court to freeze Binance.US’s assets.
On-chain analysis conducted by Woo showed that Binance’s Bitcoin balance appears to be relatively stable, implying that users are not currently panicking or rushing to withdraw their BTC.
“I don’t see much BTC leaving yet, at least not yet.“
A commentator Woo replied that this reflected a change in sentiment:People are finally saying FU to the corruption of Gensler and the governments.”
Another reiterated Woo’s premise that Binance users were largely unfazed, saying the SEC “overplayed their role” and that investors no longer view them as a legitimate organization.
In response to the motion, the co-founder of Reflexivity Research, Will Clementesuggested that the securities firm was deliberately trying to cause a run on Binance. Adam Cochran said, “A run on it shouldn’t do any damageif Binance has 1:1 support as it claims.
Ethereum assets on Binance US are falling
Data from DeFi Llama showing ERC-20 flows on Binance.US paints a different story than above.
While Bitcoin owned by Binance.com may be relatively stable, Ethereum-based assets owned by Binance.US saw an outflow of $76.5 million on June 7.
Days earlier, on June 5, the day the SEC filed a complaint against Binance, Binance.US and CEO Changpeng Zhao (CZ) over allegations of operating an unregistered exchange, among other things, the total Ethereum outflow from the US branch $506.9 million.
The disparity suggests that Binance.US altcoin users are more concerned about the potential implications of the SEC’s enforcement action against the company.
Binance CEO Changpeng Zhao (CZ) clarified that the motion to freeze assets would only affect Binance.US if approved by the court.
“It has NO influence Binance.com. Funds are #SAFU.”
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