Binance customers don’t appear to be particularly affected by the Securities and Exchange Commission’s (SEC) lawsuit against the world’s largest crypto exchange by trading volume.
According to data shared by Ki Young Ju, the CEO say that Binance did indeed experience an outflow of 10,000 Bitcoin (BTC), the largest withdrawal total of 2023.
But that outflow seems statistically less significant when looking at a zoomed-out time chart, according to Ki Young Ju.
The impact of 10k $BTC outflow on Binance.https://t.co/1TXeqp1lnZ
— Ki Young Ju (@ki_young_ju) June 5, 2023
Also Julio Moreno, chief of research at CryptoQuant notes that Binance’s Bitcoin Outflows-to-Reserves Ratio remains low.
Crypto prices crashed across the board on Monday after news broke that the SEC had filed a lawsuit against Binance and its CEO Changpeng Zhao. The regulator alleges that the exchange was in violation of investor protection and securities laws.
The complaint also targets BNB, Binance’s native token, and BUSD, the exchange’s stablecoin, which was already targeted by regulators earlier this year. According to the SEC, Binance has unlawfully engaged in unregistered offerings and sales of “crypto asset securities”.
The SEC then continued its regulatory crackdown on Tuesday with the announcement that it is suing major US crypto exchange Coinbase. The regulator claims the company operated as an unregistered stock exchange, broker and clearing house.
Despite the second lawsuit, digital asset prices surged on Tuesday, with the total crypto market cap rising 4.2% over the past 24 hours at the time of writing.
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