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Binance Sees $627 Million in Net Ethereum Outflow Following CFTC Lawsuit

2023-03-29 14:42:15 Share

Binance saw about $627 million in net Ethereum-related withdrawals in the 24 hours through Tuesday morning, following the Monday lawsuit filed by the Commodities Futures Trading Commission against the world’s largest cryptocurrency exchange for alleged violations of derivatives rules. Binance held about $64 billion worth of assets in publicly disclosed wallets as of Wednesday morning, according to Nansen data. For the seven days through Tuesday morning, the data showed Binance had $2.1 billion in net withdrawals of Ether and Ethereum-related assets. However, the withdrawals are significantly lower than what the exchange experienced in December when daily outflows at one stage surged to $3 billion following the collapse of the FTX exchange amid fraud allegations. Binance also saw $2.3 billion in stablecoin outflows on Feb. 13 after the New York Department of Financial Services ordered Paxos to stop issuing Binance USD (BUSD) stablecoin. (forkast)