{"id":19205,"date":"2023-03-28T06:55:08","date_gmt":"2023-03-28T06:55:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-experiences-significant-btc-eth-and-stablecoin-withdrawals-following-cftc-lawsuit-bitcoin-news\/"},"modified":"2023-03-28T06:55:08","modified_gmt":"2023-03-28T06:55:08","slug":"binance-experiences-significant-btc-eth-and-stablecoin-withdrawals-following-cftc-lawsuit-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-experiences-significant-btc-eth-and-stablecoin-withdrawals-following-cftc-lawsuit-bitcoin-news\/","title":{"rendered":"Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC Lawsuit \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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sued Binance for alleged violations of trading and derivatives rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows $400 million in Ethereum-based funds were withdrawn in 24 hours, and 3,655 bitcoin worth more than $99 million were withdrawn over the past day, according to Coinglass metrics.<\/strong><\/p>\n

3,655 Bitcoin Withdrawn From Binance in 24 Hours<\/h2>\n

On Monday, March 27, 2023, the U.S. Commodity Futures Trading Commission (CFTC) sued<\/a> Binance and CEO Changpeng Zhao<\/a> (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<\/a> of withdrawals, and some observers noted \u201clarge onchain movements prior\u201d to the exchange\u2019s troubles with the CFTC.<\/p>\n

\u201cA 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,\u201d analysts from \u2018An Ape\u2019s Prologue\u2019 explained<\/a>. \u201cJust one hour after the announcement, Binance saw an additional $240M withdrawn,\u201d the researchers noted.<\/p>\n

Data from Nansen<\/a> and Dune Analytics<\/a> show more than $400 million in Ethereum-based funds were withdrawn in 24 hours. As of writing, Nansen\u2019s proof-of-reserves portal<\/a> shows Binance holds $63.36 billion worth of cryptocurrency assets. Statistics also show more than 150 million BUSD stablecoins were redeemed on Monday. There\u2019s currently 7.84 billion BUSD in circulation, and 7.1 billion of those tokens are held on Binance.<\/p>\n

\"Binance
Metrics from Coinglass on March 27, 2023.<\/figcaption><\/figure>\n

Binance also holds one of the largest caches of bitcoin, as its cold wallet holds 248,597 bitcoin, the single largest address<\/a> today. According to Coinglass, Binance\u2019s BTC<\/a> 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.<\/p>\n

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24 hours<\/a>, Balances<\/a>, Binance<\/a>, Binance Withdrawals<\/a>, Bitcoin<\/a>, Bitcoin (BTC)<\/a>, BTC deposits<\/a>, BTC Withdrawals<\/a>, BUSD<\/a>, CFTC<\/a>, CFTC lawsuit<\/a>, civil complaint<\/a>, Coinbase<\/a>, Coinglass<\/a>, Compliance<\/a>, Cryptocurrency<\/a>, CZ<\/a>, deposits<\/a>, derivatives<\/a>, Dune Analytics<\/a>, Ethereum<\/a>, Exchange<\/a>, Exchange Balances<\/a>, Exchange Outflow<\/a>, Lawsuit<\/a>, Nansen<\/a>, Onchain data<\/a>, Onchain stats<\/a>, outflow<\/a>, Proof of Reserves<\/a>, Reserve balances<\/a>, reserves<\/a>, Stablecoin<\/a>, trading<\/a>, Withdrawals<\/a><\/div>\n<\/div>\n

What do you think about the CFTC\u2019s lawsuit against Binance? Share your thoughts about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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