Users withdraw more than $3 billion from Binance in 24 hours

After the SEC filed a lawsuit against Binance, the popular cryptocurrency exchange, significant withdrawals by users have been observed within the first 24 hours. According to data from blockchain analytics firm Nansen, it is estimated that more than $3 billion has been withdrawn on various blockchains supported by the platform.

Nansen highlighted in a Twitter thread the negative net flow, which represents the sum of deposits and withdrawals on Binance. This metric revealed a remarkable number of withdrawals made by users after the announcement of the lawsuit by the SEC.

It is important to mention that this is not the first time that Binance has experienced large withdrawals from its platform. For example, in December 2022, net outflows exceeded $2 billion due to concerns in the market about the solvency of the platform.

Despite these withdrawals, Nansen also reported that the net flow following the SEC lawsuit against Binance US was positive, with a total of $78 million deposited in the first 24 hours after the announcement.

On the other hand, the Australian subsidiary of Binance has suspended Australian dollar services due to a decision by a third-party payment provider. In addition, the US subsidiary has experienced a negative variation in data, with a total of -123.6 million dollars, after the SEC requested a temporary restraining order to freeze the assets of Binance US.

Additionally, on-chain metrics firm Glassnode has noted an outflow of 10,500 BTC from Binance following the SEC’s lawsuit. However, it is important to note that this value is still small compared to the maximum net outflow recorded on the exchange, which was -40,300 BTC at the highest point of all-time outflows.

K. Tovar

Source: Cointelegraph

(Reference image source: Kanchanara, Unsplash)

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