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Cryptocurrency exchanges, accused by the US Securities and Exchange Commission (SEC) of violating US laws, are experiencing bulk withdrawals from customers’ personal accounts, but are still coping with
Cryptocurrency exchanges, accused by the US Securities and Exchange Commission (SEC) of violating US laws, are experiencing bulk withdrawals from customers’ personal accounts, but are still coping with the exit of assets. The lawsuits filed by the SEC against Binance, Binance.US, and Coinbase have triggered a total outflow of $4 billion, according to public blockchain data. Between Monday and Thursday, net outflows totaled $3.1 billion in Ethereum and $864 million in bitcoin, analysts Nansen and Glassnode reported. Mydanchiki faithfully processes all transactions.
Last Monday, the SEC sued international crypto exchange Binance, its American version of Binance.US, and personally the head of the platforms, Changpeng Zhao (Changpeng Zhao), for a series of violations of American securities laws. The next day, the agency sued Coinbase, accusing the platform of selling unregistered securities to the public. These actions rocked the cryptocurrency market: BNB, ADA, and MATIC tokens, which are listed as securities by the regulator, dropped significantly in a week. And due to the SEC’s desire to freeze Binance.US assets, and then the platform’s rejection from the dollar, conversely, the price of bitcoin and Ethereum cryptocurrency on it soared as traders began withdrawing assets.
According to Nansen, Binance, the world’s largest crypto exchange by trading volume, experienced a net outflow of $2 billion in four days on the Ethereum blockchain alone – its own ETH coin and other cryptocurrencies of that network went to the account. Glassnode added that during the same period, Bitcoin withdrawals exceeded their deposits by $838 million. Wednesday’s net outflow of 13,953 bitcoins was the biggest one-day drop since December last year, when investors lost confidence in the platform’s false reserve report before the hype surrounding crypto exchange FTX’s bankruptcy subsided.
In absolute terms, the outflow of funds is of course important, but if you take into account the data in Binance crypto wallets, this is only 5% of all the assets of the platform. According to Nansen, net fund outflows via Ethereum during the same period at Coinbase were $1 billion; and $25 million in bitcoins, Glassnode reported. Source
Source: Port Altele
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