- The amount of outflows exceeded $700 million
- This has not happened since the March banking panic
- And it looks like this is just the beginning
Crypto traders began to withdraw assets from the Binance platform in a panic. Recall that yesterday the SEC sued the company and its head Changpeng Zhao for alleged violations of securities laws. Here they referred to the BNB token issued by Binance, the BUSD Stablecoin, Solana, ADA and MATIC. The Commission also claims that Binance did not register Binance.com as an exchange or broker-dealer clearing agency.
The market reacted extremely nervously to the U.S. action. Mass withdrawals began on the Binance platform on Monday.
The latest Nansen data shows that the exchange experienced a net outflow of about $700 million in a couple of hours.. And that number continues to rise.
According to a report by 21Shares, this crypto-failure could be the largest withdrawal since mid-March, when traders withdrew deposits amid the bankruptcy of crypto banks.
The lawsuit shook the entire cryptocurrency market. Bitcoin fell 4% to $25,780. Эфир потерял 3,15% ($1,814), а BNB $277 BNB BNB -7.92% Market cap $43.2b Vol. 24H $632.1m Exchange partner
lost 8.05% to trade at $276.99.
Shares of Coinbase, the largest crypto exchange in the US, fell 9.05% after an SEC lawsuit against Binance. MicroStrategy shares lost 8.53%. The U.S. stock market also turned slightly redder. Dow Jones Industrial Average futures are down 0.05%, S&P 500 futures are down 0.04% and Nasdaq futures are down 0.09%.