Binance net outflows hit $778M on Ethereum since SEC charges: Nansen

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The Unit­ed States Secu­ri­ties and Exchange Commission’s (SEC) law­suit against Binance — accus­ing the cryp­to exchange of vio­lat­ing var­i­ous secu­ri­ties laws — has direct­ly impact­ed the cryp­to mar­ket and the exchange’s bal­ance sheet.

Accord­ing to data from cryp­to ana­lyt­ic firm Nansen, Binance saw neg­a­tive net­flows of $778 mil­lion on the Ethereum blockchain, with $871 mil­lion of inflows dom­i­nat­ed by $1.6 bil­lion flow­ing out of the exchange. 

As of 9.15 am UTC at the time of writ­ing, in the 24 hours since the SEC charges, Ethereum-based tokens have seen neg­a­tive net­flows, with $14.8 mil­lion of assets flow­ing in and $50.5 mil­lion worth of assets flow­ing out of the exchange in the past hour alone.

Binance net­flow on Ethereum. Source: Nansen

Binance’s reserve assets had a net out­flow of approx­i­mate­ly $1.4 bil­lion in the first hour after news broke of the SEC’s charges, amount­ing to 2.6% of its total reserve assets of $52.9 billion.

The out­flow of funds from Binance across all pro­to­cols in the past 24 hours has reached $999 mil­lion. A dete­ri­o­rat­ing con­fi­dence in Binance on the oth­er hand has helped OKX become the next pre­ferred des­ti­na­tion for traders as the exchange reg­is­tered a sig­nif­i­cant inflow of over $190 million.

Binance exchange’s out­flow accel­er­ates. Source: DeFi Lama

Com­pared to the Com­mod­i­ty Futures Trad­ing Com­mis­sion (CFTC) law­suit in March 2023, the recent net out­flow is sub­stan­tial but small­er than the Decem­ber 2022 peri­od. Addi­tion­al­ly, this net flow is still low­er than the exchange’s reserve. The cryp­to exchange still holds a healthy sta­ble­coin bal­ance of over $8 billion.

This is a devel­op­ing sto­ry; fur­ther infor­ma­tion will be added as it becomes available. 

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