{"id":18833,"date":"2023-06-06T07:54:35","date_gmt":"2023-06-06T11:54:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-sees-700-million-in-ethereum-outflows-amid-sec-charges-highest-since-march-crypto-crisis\/"},"modified":"2023-06-06T07:54:36","modified_gmt":"2023-06-06T11:54:36","slug":"binance-sees-700-million-in-ethereum-outflows-amid-sec-charges-highest-since-march-crypto-crisis","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18833","title":{"rendered":"Binance Sees $700 Million in Ethereum Outflows Amid SEC Charges, Highest Since March Crypto Crisis"},"content":{"rendered":"
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The world\u2019s largest crypto exchange, Binance, saw outflows of more than $700 million on the Ethereum network alone on Monday after news broke that the exchange is being sued by the US Securities and Exchange Commission (SEC).<\/p>\n

The news of the outflows was shared by on-chain analysis platform Nansen on Twitter on Tuesday, with the tweet noting that net flows, even in the past hour, continues to be negative.<\/p>\n

According to Nansen\u2019s data, the 24-hour net outflow from Binance on the Ethereum network (ETH and ERC-20 tokens & stablecoins) now stands at $778.6 million:<\/p>\n

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Looking solely on Binance.US, the US-based branch that is actually targeted by the SEC, the net outflows on Ethereum over the same period stood at $13 million, Nansen said.<\/p>\n

Bitcoin outflows<\/h2>\n

Meanwhile, the 24-hour outflows over the Bitcoin network stood at 13,484 BTC at the time of writing, or approximately $347 million by today\u2019s price, data from Coinglass showed.<\/p>\n

Following the outflows, Binance\u2019s remaining BTC balance stands at 545,491, the highest among all crypto exchanges.<\/p>\n

The data means that well over $1 billion worth of crypto have left Binance on the Bitcoin and Ethereum networks alone in the past 24 hours.<\/p>\n

Still no major impact for Binance<\/h2>\n

Despite being significant in the short-term, the outflows seen so far do not pose a serious long-term problem for Binance, according to several on-chain analysts.<\/p>\n

\u201cHave yet to see any material outflow of Bitcoin from Binance following the news earlier today — only ~10K BTC which is about a 1.5% decline in Binance’s balance [\u2026],\u201d wrote Will Clemente, a popular Bitcoin on-chain analyst and co-founder of crypto researcher Reflexivity Research.<\/p>\n

Clemente also shared a chart showing the change in Binance\u2019s BTC balance since the end of last year:<\/p>\n

Similarly, on-chain analyst Ki Young Ju, CEO of on-chain analytics platform CryptoQuant.com, illustrated how insignificant the outflows are when seen on longer-term charts.<\/p>\n

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In a response to the SEC\u2019s lawsuit published on Monday, Binance made it clear that customer funds remain safe on the exchange.<\/p>\n

\u201cAll user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure, and we will vigorously defend against any allegations to the contrary,\u201d Binance said.<\/p>\n<\/p><\/div>\n