of the SEC Binance And Coinbase’While the lawsuits filed against e-commerce led to an atmosphere of panic in the crypto money industry, many investors withdrew their money from the exchanges.
While fund outflows from Binance and Coinbase, US-based exchanges bitcoin And Ethereum There was a huge decrease in reserves.
According to The Block’s report, CryptoQuant US-based crypto exchanges BTC And ETH He wrote that its reserves have fallen below 50% due to ongoing regulatory pressure in the country.
“BTC and ETH reserves of US-based cryptocurrency exchanges have been dethroned by offshore/international exchanges.
Bitcoin reserves of US-based exchanges fell to the lowest level since January 2017.
Declining cryptocurrency reserves potentially mean users are withdrawing assets from exchanges for security concerns or to keep their funds in private wallets.”
CryptoQuant, which also evaluates the lawsuits filed by the SEC “The US government and regulators are complicating the functioning of US-based crypto businesses. The SEC is unclear on how exchanges will abide by its rules. This is exactly why some exchanges have decided to cease their operations in the US. Because some US-based exchanges have announced their new platforms to operate outside the US.” said.
The CryptoQuant report also stated that the market cap of US-based stablecoins has dropped by 35% and has lost $15 billion so far in 2023.
Last week, the SEC sued Binance and Coinbase for allegedly violating securities laws.
*Not investment advice.
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