Buy $GGsBinance Vs SEC: On-Chain Data Shows Withdrawals Worth $623 Million From Binance
The world’s largest cryptocurrency exchange Binance witnessed negative $623 million in netflow on 5th June after US SEC filed a fresh lawsuit, on-chain data revealed.
The crypto exchange saw withdrawal levels not seen since the banking crisis in March this year. However, these figures remain within historical normal levels. Binance has witnessed as much as $1 billion in negative netflows in the same period amid various FUDs and bank run rumors.
Blockchain analysis firm Nansen reported that netflow to Binance turned positive this morning on ethereum. As the exchange witnessed around $75 million positive netflow within a few hours.
BNB down 8% since SEC lawsuit
At the time of writing, Binance’s native token BNB is trading at $277, down nearly 8% in the last 24 hrs, as per CoinMarketCap data. Bitcoin and Ethereum are also down nearly 4% and 3%, respectively.
Binance’s crypto wallets currently hold $55 billion worth of cryptocurrencies in its reserve wallets. The world’s largest crypto exchange has been under heavy scrutiny from the US regulators recently. Along with this SEC lawsuit, Binance is also facing investigations from the US DoJ, US CFTC and even the IRS.
The SEC has filed 13 charges against the crypto exchange’s entities and their founder Changpeng Zhao for operating unregistered exchanges and misrepresenting trading controls and oversight on the Binance.US platform.
Binance exec secretly controlled Binance.US’s finances.
As reported earlier, a senior Binance executive operated five bank accounts that belonged to the exchange’s independent U.S. affiliate. One of the bank accounts even held American customers’ funds, bank records show, Reuters revealed yesterday. A day after the Reuter’s report, the SEC filed a lawsuit against the crypto exchange’s entities on the same charges. The investigation found that the now defunct Silvergate bank allowed Guangying Chen, a close associate of Changpeng Zhao, to control the accounts between 2019 and 2020, according to records from those years.
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Market Update: Top 3 Reasons Why BTC, ETH, XRP and ADA is Up
- Crypto News: Bitcoin Sell-Off Fears Rise as War Threatens Iran’s BTC Mining Operations
- U.S.–Iran War: Monday Crypto Crash Odds Rise As Pundits Predict Oil Price Spike
- US-Iran War: Reports Confirm Bombings In UAE, Bahrain and Kuwait As Crypto Market Makes Recovery
- XRP Price Dips on US-Iran Conflict, But Capitulation Signals March Rebound
- Bitcoin And XRP Price As US Kills Iran Supreme Leader- Is A Crypto Crash Ahead?
- Gold Price Prediction 2026: Analysts Expect Gold to Reach $6,300 This Year
- Circle (CRCL) Stock Price Prediction as Today is the CLARITY Act Deadline
- Analysts Predict Where XRP Price Could Close This Week – March 2026
- Top Analyst Predicts Pi Network Price Bottom, Flags Key Catalysts
- Will Ethereum Price Hold $1,900 Level After Five Weeks of $563M ETF Selling?
