Binance Outflowed $185 Million Worth Of Tokens As Bitcoin Plunges Below $27,000

Key Points:

• Binance’s outflow of $185M in tokens in the past hour and $218M in the past four hours coincides with a sharp drop in Bitcoin’s value after the news.
• The lawsuit alleges that Binance solicited U.S. customers and ignored regulatory requirements under U.S. law.
• Most crypto prices were trending down on Monday, with Ethereum, Solana, and Litecoin significantly dropping. Crypto companies, including Coinbase and MicroStrategy, saw shares fall throughout the morning.

Binance’s outflow of $185M in tokens in the past hour and $218M in the past four hours coincides with a sharp drop in Bitcoin’s value after news of the U.S. Commodity Futures Trading Commission’s lawsuit against Binance and CEO Changpeng Zhao became public.

Binance has been in the news lately due to its legal troubles. The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the exchange for violating the Commodity Exchange Act and CFTC regulations.

As a result of this news, Binance’s BNB token saw a sharp drop in value. Additionally, most crypto prices were trending down on Monday, with Ethereum down 2.48% over the last 24 hours and Solana and Litecoin also seeing significant drops. Bitcoin has been on a two-week tear spurred by a banking crisis in the U.S., but it fell sharply after the CFTC’s lawsuit became public, at one point hitting $26,550 before rebounding to $27,250.

Companies in the crypto space saw shares fall throughout the morning, with Coinbase down around 9.6% and MicroStrategy falling 8.3%. Most publicly traded miners were also down, including CleanSpark, Riot, and Hut 8.

Binance has seen an outflow of $185 million worth of tokens in the last hour and $218 million worth of tokens in the last four hours. While significant, this amount is not catastrophic. Binance’s total asset on chain is $75.6 billion.

Besides, in its indictment against Binance, the CFTC stated that digital assets, including Bitcoin, Ethereum, and Litecoin, are commodities, showing the difference of the US SEC’s view that only Bitcoin is not a security. However, Coinbase’s CIO pointed out that security can apparently also be a commodity.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News