Binance customers do not seem to be particularly affected by the Securities and Exchange Commission’s (SEC) lawsuit against the world’s largest crypto exchange by trading volume.
According to data shared by Ki Young Ju, the CEO says that Binance did suffer outflows of 10,000 Bitcoin (BTC), the largest withdrawal total of 2023.
But that outflow looks less statistically significant when looking at a zoomed-out time chart, according to Ki Young Ju.
The impact of 10k $BTC outflows on Binance.https://t.co/1TXeqp1lnZ
— Ki Young Ju (@ki_young_ju) June 5, 2023
Julio Moreno, head of research at CryptoQuant, also notes that Binance’s Bitcoin Outflows-to-Reserves Ratio remains low.
Crypto prices crashed across the board on Monday after news broke that the SEC launched a lawsuit against Binance and its CEO Changpeng Zhao. The regulator alleges the exchange violated investor protection and securities laws.
The complaint also zeroes in on BNB, Binance’s native token, and BUSD, the exchange’s stablecoin, which was already targeted by regulators earlier this year. According to the SEC, Binance unlawfully engaged in unregistered offers and sales of “crypto asset securities.”
The SEC then continued its regulatory crackdown on Tuesday with an announcement that it is suing top US crypto exchange Coinbase. The regulator alleges the company operated as an unregistered securities exchange, broker, and clearing agency.
Despite the second lawsuit, digital asset prices jumped on Tuesday, with the overall crypto market cap witnessing a 4.2% increase in the past 24 hours at time of writing.
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