Traders withdrew funds from Coinbase in two waves. According to Nansen, net outflows reached $450 million within an hour on Monday, following the SEC’s lawsuit against Binance, before stabilizing.</nbsp;
Withdrawals rose again Tuesday, after SEC lawsuit against Coinbase, then went down. During this period, traders withdrew $1.38 billion worth of cryptocurrencies, compared to deposits of $771 million. This data does not include Bitcoin transfers.
According to the SEC’s lawsuit, Coinbase has been operating in the country since 2019 as an unregistered broker and trading in cryptocurrencies, which are securities. The authors of the lawsuit assert that Coinbase “has never registered as a broker, national securities exchange or clearing agency,” thereby evading disclosure to the securities markets;
Recall that according to the service CoinGecko, the median trading volume on decentralized cryptocurrency exchanges (DEX) in the past two days increased by 444%. Analysts link it with the SEC lawsuit against Coinbase and Binance exchanges.