Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC Lawsuit

0 8

Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC Lawsuit

knife

After the U.S. Commodity Futures Trading Commission sued Binance for alleged violations of trading and derivatives rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows $400 million in Ethereum-based funds were withdrawn in 24 hours, and 3,655 bitcoin worth more than $99 million were withdrawn over the past day, according to Coinglass metrics.

3,655 Bitcoin Withdrawn From Binance in 24 Hours


On Monday, March 27, 2023, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and CEO Changpeng Zhao (CZ), alleging the exchange had violated specific trading and derivatives rules. The CFTC is seeking disgorgement and monetary penalties, as well as a ban on future registrations. Following the news, Binance experienced a large number of withdrawals, and some observers noted “large onchain movements prior” to the exchange’s troubles with the CFTC.

“A few hours before the Binance CFTC Indictment, there were large stablecoin withdrawals across centralized exchanges, totaling almost $1.5B in just 12 hours. Notably, Binance itself saw an $850M outflow,” analysts from ‘An Ape’s Prologue’ explained. “Just one hour after the announcement, Binance saw an additional $240M withdrawn,” the researchers noted.



Data from Nansen and Dune Analytics show more than $400 million in Ethereum-based funds were withdrawn in 24 hours. As of writing, Nansen’s proof-of-reserves portal shows Binance holds $63.36 billion worth of cryptocurrency assets. Statistics also show more than 150 million BUSD stablecoins were redeemed on Monday. There’s currently 7.84 billion BUSD in circulation, and 7.1 billion of those tokens are held on Binance.



Binance also holds one of the largest caches of bitcoin, as its cold wallet holds 248,597 bitcoin, the single largest address today. According to Coinglass, Binance’s BTC balance indicates that the exchange has shed 3,655 bitcoin worth close to $100 million over the last day. While Binance saw the most bitcoin outflow over the last 24 hours, Coinglass records indicate that 1,025 bitcoin was withdrawn from Coinbase.

What do you think about the CFTC’s lawsuit against Binance? Share your thoughts about this subject in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 70,542.90
ethereum
Ethereum (ETH) $ 3,557.86
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 618.44
solana
Solana (SOL) $ 186.86
xrp
XRP (XRP) $ 0.630484
staked-ether
Lido Staked Ether (STETH) $ 3,547.99
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.217711
cardano
Cardano (ADA) $ 0.661262
avalanche-2
Avalanche (AVAX) $ 53.80
shiba-inu
Shiba Inu (SHIB) $ 0.000031
the-open-network
Toncoin (TON) $ 5.09
polkadot
Polkadot (DOT) $ 9.64
bitcoin-cash
Bitcoin Cash (BCH) $ 620.46
chainlink
Chainlink (LINK) $ 19.11
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 70,487.89
tron
TRON (TRX) $ 0.120564
uniswap
Uniswap (UNI) $ 12.86
matic-network
Polygon (MATIC) $ 0.999982
internet-computer
Internet Computer (ICP) $ 17.63
litecoin
Litecoin (LTC) $ 104.65
near
NEAR Protocol (NEAR) $ 7.11
aptos
Aptos (APT) $ 17.20
leo-token
LEO Token (LEO) $ 6.10
filecoin
Filecoin (FIL) $ 9.86
blockstack
Stacks (STX) $ 3.61
ethereum-classic
Ethereum Classic (ETC) $ 34.12
dai
Dai (DAI) $ 1.00
cosmos
Cosmos Hub (ATOM) $ 12.46
arbitrum
Arbitrum (ARB) $ 1.65
immutable-x
Immutable (IMX) $ 3.03
render-token
Render (RNDR) $ 11.04
crypto-com-chain
Cronos (CRO) $ 0.155396
stellar
Stellar (XLM) $ 0.143426
hedera-hashgraph
Hedera (HBAR) $ 0.116061
okb
OKB (OKB) $ 64.34
the-graph
The Graph (GRT) $ 0.402861
mantle
Mantle (MNT) $ 1.17
optimism
Optimism (OP) $ 3.67
dogwifcoin
dogwifhat (WIF) $ 3.63
bittensor
Bittensor (TAO) $ 535.00
vechain
VeChain (VET) $ 0.046779
fetch-ai
Fetch.ai (FET) $ 3.22
injective-protocol
Injective (INJ) $ 37.44
pepe
Pepe (PEPE) $ 0.000008
maker
Maker (MKR) $ 3,542.87
kaspa
Kaspa (KAS) $ 0.137736
thorchain
THORChain (RUNE) $ 9.08
theta-token
Theta Network (THETA) $ 2.96
fantom
Fantom (FTM) $ 0.991899
arweave
Arweave (AR) $ 41.38
celestia
Celestia (TIA) $ 15.05
lido-dao
Lido DAO (LDO) $ 2.89
first-digital-usd
First Digital USD (FDUSD) $ 1.01
sui
Sui (SUI) $ 2.01
monero
Monero (XMR) $ 135.41
gala
GALA (GALA) $ 0.065638
floki
FLOKI (FLOKI) $ 0.000243
sei-network
Sei (SEI) $ 0.846185
algorand
Algorand (ALGO) $ 0.277343
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,911.63
flow
Flow (FLOW) $ 1.37
quant-network
Quant (QNT) $ 137.35
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,650.58
bitcoin-sv
Bitcoin SV (BSV) $ 97.59
aave
Aave (AAVE) $ 129.04
beam-2
Beam (BEAM) $ 0.035886
conflux-token
Conflux (CFX) $ 0.490737
bonk
Bonk (BONK) $ 0.000027
wrapped-eeth
Wrapped eETH (WEETH) $ 3,674.30
singularitynet
SingularityNET (AGIX) $ 1.34
jupiter-exchange-solana
Jupiter (JUP) $ 1.27
elrond-erd-2
MultiversX (EGLD) $ 60.87
dydx-chain
dYdX (DYDX) $ 3.51
ribbon-finance
Ribbon Finance (RBN) $ 1.69
bittorrent
BitTorrent (BTT) $ 0.000002
axie-infinity
Axie Infinity (AXS) $ 11.29
starknet
Starknet (STRK) $ 2.21
the-sandbox
The Sandbox (SAND) $ 0.711817
havven
Synthetix Network (SNX) $ 4.85
ethena-usde
Ethena USDe (USDE) $ 1.00
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,533.06
bitget-token
Bitget Token (BGB) $ 1.00
tezos
Tezos (XTZ) $ 1.43
ecash
eCash (XEC) $ 0.00007
ordinals
ORDI (ORDI) $ 64.81
worldcoin-wld
Worldcoin (WLD) $ 8.30
pyth-network
Pyth Network (PYTH) $ 0.898463
mina-protocol
Mina Protocol (MINA) $ 1.25
gatechain-token
Gate (GT) $ 10.00
chiliz
Chiliz (CHZ) $ 0.148314
axelar
Axelar (AXL) $ 2.11
flare-networks
Flare (FLR) $ 0.035111
apecoin
ApeCoin (APE) $ 2.05
eos
EOS (EOS) $ 1.12
decentraland
Decentraland (MANA) $ 0.682962
ondo-finance
Ondo (ONDO) $ 0.883269
ronin
Ronin (RON) $ 4.15
akash-network
Akash Network (AKT) $ 5.35