Binance Sees $700 Million in Ethereum Outflows Amid SEC Charges
The world’s 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).
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.
According to Nansen’s data, the 24-hour net outflow from Binance on the Ethereum network (ETH and ERC-20 tokens & stablecoins) now stands at $778.6 million.
Looking solely on BinanceUS, 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.
