27 Mar 2023
Binance sees increase in withdrawals after CFTC sues the exchange
Binance saw an increase in withdrawals after the Commodities Futures Trading Commission sued the crypto exchange for allegedly violating federal laws and failing to register in the U.S.
Since the lawsuit was announced, $169 million was withdrawn from the exchange against just $46 million of deposits, a net outflow of $123 million.
Crypto data provider Nansen shows that Binance holds $63.7 billion worth of cryptocurrencies. The data is based on a list of wallets that the exchange released publicly, in order to show transparency into its holdings.
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The lawsuit claimed that Binance, the world's largest cryptocurrency exchange, still served U.S. customers and tried to increase its presence in the region, despite public assertions that it was not available to U.S. customers. It claims that Binance executives replaced data referring to U.S. customers with the word "UNKWN," short for unknown.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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