- Binance has seen significant outflows as traders have withdrawn funds following the SEC lawsuit.
- Investors have withdrawn to minimize counterparty risks amidst the SEC allegations.
- Recent outflows have surpassed previous instances but are still less than during the FTX collapse.
Binance, the world’s largest cryptocurrency exchange, is experiencing significant net outflows as numerous crypto traders withdraw their funds from the platform in response to the recent lawsuit filed by the United States Securities and Exchange Commission (SEC).
Binance Loses $295M in BTC & $167M in ETH After Lawsuit
On the first day after the lawsuit was filed, Binance witnessed a net outflow of 11,380 Bitcoin (BTC), which, considering the current trading value of Bitcoin at $25,950, amounts to a staggering $295.3 million.
According to data obtained from CryptoQuant, a blockchain analytics platform, the outflow of Ether (
