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The recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance, Binance.US, and Coinbase have had far-reaching consequences within the cryptocurrency community. The SEC's allegations of federal securities law violations against these major exchanges and their leaders have sparked shockwaves and raised concerns among investors. Of particular concern is the SEC's classification of certain cryptocurrencies as securities rather than digital currencies, leading to a decline in market value for tokens like Binance Coin, Solana, and Cardano.
Data from leading blockchain analysis companies, Nansen and Glassnode, reveal the scale of unease within the market. Over $4 billion was withdrawn between Monday and Thursday, with Ethereum-based transactions accounting for a significant $3.1 billion outflow, while $864 million was withdrawn in Bitcoin.
Binance, renowned as the world's largest cryptocurrency exchange by trading volume, experienced a massive $2 billion outflow via the Ethereum blockchain in just four days. This figure encompasses all Ethereum-backed tokens, including ETH. Glassnode data highlights a surplus of BTC withdrawals over deposits, totaling approximately 31,868 BTC. Wednesday witnessed Binance's largest daily withdrawal since December, with a staggering 13,953 BTC being withdrawn.
However, these substantial outflows represent only about 5% of all assets held on Binance, according to the exchange's crypto wallet statistics. Meanwhile, Binance.US, facing severe action from the SEC, recorded Ethereum network outflows of $75 million, as tracked by Nansen. Glassnode does not track this exchange, making it challenging to quantify BTC outflows. The SEC's freeze order on Binance.US assets has undoubtedly left a significant impact.
Coinbase also faced the repercussions, with a $1 billion outflow on the Ethereum network from Monday to Thursday, according to Nansen's data. Glassnode's data reveals Bitcoin outflows from Coinbase totaling $25 million. Despite the regulatory storm, both exchanges efficiently processed these withdrawals without any reported delays, showcasing their resilience in the face of adversity.
