Binance: Investors Withdraw $790M in 24 Hours – 06/06/2023 – Market

Investors have withdrawn about $790 million from cryptocurrency platform Binance and its U.S. affiliate in the past 24 hours, data firm Nansen said on Tuesday, a day after the SEC, U.S. regulator securities firm, sued both brokerages.

Binance recorded net outflows of $778.6 million in crypto assets on the Ethereum blockchain, with its North American affiliate Binance.US recording net outflows of $13 million.

None of the brokerages immediately responded to a request for comment.

The SEC on Monday sued Binance, its chief executive Changpeng Zhao, and the operator of Binance.US for what it called a “web of fraud” to circumvent United States law.

The regulator has alleged in 13 allegations that Binance artificially inflated its trading volumes, embezzled customer funds, failed to restrict US customers from its platform and misled investors about its market surveillance controls.

Cryptocurrency scam

Bitcoin has stabilized after falling more than 5% yesterday, its worst daily decline since April 19. The world’s largest cryptocurrency was priced at $25,723, flat on the day but close to a more than two-month low.

“It’s another blow to the cryptocurrency industry and to the world’s exchanges,” said Tony Sycamore, market analyst at IG Markets, of the SEC lawsuit.

Binance’s BNB cryptocurrency, the world’s fourth-largest, fell 0.3% to a nearly three-month low of $277 after a 9.2% drop on Monday, its worst daily drop since November.