Binance clients do not appear to be particularly affected by the Securities and Exchange Commission (SEC) lawsuit against the world’s largest cryptocurrency exchange by trading volume.
According to data shared by Ki Young Ju, the CEO says that Binance suffered outflows of 10,000 Bitcoin (BTC), the largest total withdrawal of 2023.
But that outflow seems less statistically significant when looking at a chart timed apart, according to Ki Young Ju.
The 10k impact $BTC outputs on Binance.https://t.co/1TXeqp1lnZ
— Ki Young Ju (@ki_young_ju) June 5, 2023
Julio Moreno, head of research at CryptoQuant, also grades that Binance’s Bitcoin outflows to reserves ratio remains low.
Cryptocurrency prices plunged across the board on Monday after news broke that the SEC launched a lawsuit against Binance and its CEO, Changpeng Zhao. The regulator alleges that the exchange violated security and investor protection laws.
The complaint also focuses on BNB, Binance’s native token, and BUSD, the exchange’s stablecoin, which already came under fire from regulators earlier this year. According to the SEC, Binance illegally engaged in unregistered offerings and sales of “crypto-asset securities.”
The SEC then continued its regulatory crackdown on Tuesday with an announcement that it is suing major US cryptocurrency exchange Coinbase. The regulator alleges that the company operated as an unregistered stock exchange, broker and clearing agency.
Despite the second demand, digital asset prices surged on Tuesday, with the overall crypto market capitalization witnessing a 4.2% rise over the past 24 hours at the time of writing.
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