CFTC Lawsuit Triggers $627M ETH Withdrawals On Binance

Massive Withdrawals On Binance Since CFTC Lawsuit

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Binance saw about $627M in net Ethereum-related withdrawals in the 24 hours through Tuesday morning, reported Nansen.

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This comes after the Monday lawsuit filed by the Commodities Futures Trading Commission (CFTC) against Binance.

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CFTC alleged that the company violated derivatives rules by allowing U.S. residents to trade various financial instruments involving digital assets without licensing approval.

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Here are some data reported on transaction patterns in Binance since the lawsuit:

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For the 07 days through Tuesday, the data showed Binance had US$2.1 billion in net withdrawals of Ether and Ethereum-related assets.

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Binance held about $64B worth of assets in publicly disclosed wallets as of Wednesday morning, according to Nansen.

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Binance’s stablecoin outflows reached US$1 billion on Monday and US$810.8 million on Tuesday, says CryptoQuant.

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