Binance.US Sees $123 Million Net Withdrawal After SEC Carnage
Key Points:
- According to Nansen blockchain data, hundreds of millions of dollars in negative net outflows occurred within the first 24 hours after the lawsuit’s disclosure at Binance.US, Binance, and Coinbase.
- Binance clients have almost $3 billion in assets.
- Coinbase customers have taken out around $2.64 billion.
Binance.US is now seeing a surge in net withdrawals from the exchange as a consequence of the US authorities’ crackdown.
Binance.US had a net outflow of around $123 million in numerous chains (excluding Bitcoin) in the last 24 hours, including MATIC, valued at approximately $41.6 million and $19.4 million, according to Nansen data.
Binance Global had a net outflow of around $368 million. Coinbase had a net outflow of around $105 million.
Binance.US has generated $410 million in sales and a $225 million profit since its inception.
Once word of the case circulated, Binance users quickly withdrew almost $3 billion in assets, while only $1.57 billion was placed, resulting in a startling negative net outflow of $1.43 billion. Similarly, Coinbase, situated in California, saw consumers withdraw around $2.64 billion while depositing just $1.46 billion, resulting in a negative net outflow of $1.18 billion.
An SEC accountant outlined the exchange’s financials in a filing based on the information given by the exchange. The accounts cover the period from 2019 to April 2023 and are for BAM Trading Services, the corporation that operates the exchange.
According to the filing, the exchange generated the bulk of its income and gross profit in 2021, collecting $265 million in revenue. This was followed by a revenue of $95 million in 2022.
Binance’s $2.2 billion in US client funds are in great danger of being stolen by founder Changpeng Zhao unless a freezing order is issued, federal authorities claimed in a filing Tuesday night after the crypto regulator’s accusation by the Securities and Exchange Commission.
The SEC’s lawyers had previously filed an emergency petition, citing a danger of capital flight and requesting that a court repatriate and freeze US customer funds to prevent illegal transfers by Zhao or Binance companies. On Monday, the SEC filed a lawsuit against Binance and Zhao, saying that they participated in the unregistered offer and sale of securities and mixed investor money with their own.
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
Harold
Coincu News
Author
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Binance.US Sees $123 Million Net Withdrawal After SEC Carnage
Key Points:
- According to Nansen blockchain data, hundreds of millions of dollars in negative net outflows occurred within the first 24 hours after the lawsuit’s disclosure at Binance.US, Binance, and Coinbase.
- Binance clients have almost $3 billion in assets.
- Coinbase customers have taken out around $2.64 billion.
Binance.US is now seeing a surge in net withdrawals from the exchange as a consequence of the US authorities’ crackdown.
Binance.US had a net outflow of around $123 million in numerous chains (excluding Bitcoin) in the last 24 hours, including MATIC, valued at approximately $41.6 million and $19.4 million, according to Nansen data.
Binance Global had a net outflow of around $368 million. Coinbase had a net outflow of around $105 million.
Binance.US has generated $410 million in sales and a $225 million profit since its inception.
Once word of the case circulated, Binance users quickly withdrew almost $3 billion in assets, while only $1.57 billion was placed, resulting in a startling negative net outflow of $1.43 billion. Similarly, Coinbase, situated in California, saw consumers withdraw around $2.64 billion while depositing just $1.46 billion, resulting in a negative net outflow of $1.18 billion.
An SEC accountant outlined the exchange’s financials in a filing based on the information given by the exchange. The accounts cover the period from 2019 to April 2023 and are for BAM Trading Services, the corporation that operates the exchange.
According to the filing, the exchange generated the bulk of its income and gross profit in 2021, collecting $265 million in revenue. This was followed by a revenue of $95 million in 2022.
Binance’s $2.2 billion in US client funds are in great danger of being stolen by founder Changpeng Zhao unless a freezing order is issued, federal authorities claimed in a filing Tuesday night after the crypto regulator’s accusation by the Securities and Exchange Commission.
The SEC’s lawyers had previously filed an emergency petition, citing a danger of capital flight and requesting that a court repatriate and freeze US customer funds to prevent illegal transfers by Zhao or Binance companies. On Monday, the SEC filed a lawsuit against Binance and Zhao, saying that they participated in the unregistered offer and sale of securities and mixed investor money with their own.
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
Harold
Coincu News
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