Investors have withdrawn millions from the platform, according to an analytics firm.
(Photo: Reuters)
Frankfurt Binance customers have apparently withdrawn funds from the world’s largest crypto exchange on a large scale in response to the US Securities and Exchange Commission’s lawsuit. On a 24-hour basis, the total is around $780 million (€729 million), data provider Nansen announced on Tuesday. Binance initially did not respond to a request.
The SEC filed a lawsuit against Binance on Monday for various violations of securities laws. “The lawsuit against Binance is a renewed loss of confidence for the entire industry,” said Philipp Sandner, who heads the Blockchain Center at the Frankfurt School of Finance and Management. Billions of reviews have been destroyed since yesterday.
Indeed, digital cybercurrencies have come under severe pressure. The exchange’s cryptocurrency, Binance Coin (BNB), lost around eight percent to as low as $272 in response to the lawsuit.
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