Investors pull $1.6 billion from Binance after US lawsuit

Binance
Binance

Investors withdrew US$1.6 billion of cryptocurrency from Binance since it was sued by the US Commodity Futures Trading Commission (CFTC) this week, blockchain data tracker Nansen has said.

The CFTC sued Binance, the world’s biggest crypto exchange, along with its CEO and former top compliance executive, alleging that they were operating an “illegal” exchange and a “sham” compliance programme.

Since the lawsuit, Binance has seen $1.6-billion of overall withdrawals and $ 852 million in the last 24 hours, Nansen said, Binancea step up from the average of $ 385 million/day over the last two weeks.

Martin Lee, the research analyst at Nansen, said that the outflows were higher than usual, but still not as high as 13 December, when investors pulled $ 3 billion from Binance as they grew nervous about the status of Binance’s reserves.

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