Binance Sees $8B in Asset Outflows Following SEC Lawsuit

2023-6-11 17:15

The total assets of Binance have declined by over $8 billion since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm on June 5.

According to DeFillama data, the exchange’s total assets dropped to $55.95 billion from $64.195 billion recorded on June 5. Blockchain analytical firm Nansen further corroborates the data, showing that Binance’s aggregated reserve balance is $54.3 billion as of press time.

A breakdown of the assets by chains shows that Binance has $155.35 billion worth of assets on Tron, $15.29 billion on Bitcoin, and $12.39 billion on the Ethereum network. Blockchains like BSC, Ripple, and Solana also hold a sizeable amount of the platform’s assets.

Binance Assets (Source: DeFillama) Binance Records 5 Straight Days of Outflows

Data from DeFillama further shows that Binance had been experiencing net outflows since June 6 — a day after the financial regulator sued it for violating federal securities law.

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While the exchange has consistently maintained that its users’ funds were safe, withdrawals have totaled more than $3 billion since the lawsuit. During this period, the SEC moved to freeze Binance US assets and issued a court summons for CEO Changpeng ‘CZ’ Zhao.

Binance USD Flows Since SEC’s Lawsuit (Source: DeFillama)

Meanwhile, outflows on the platform have considerably slowed to $69.57 million as of June 11, according to DeFillama data.

However, this wave of withdrawals pales significantly against what the exchange processed after the FTX collapse in November 2022. At the time, Binance processed more than $6 billion in withdrawals as crypto users embraced sel custodial services.

CZ Explains Binance Outflows

On June 10, CZ explained that some data aggregators might wrongly measure its reserves. According to him, some third-party analytical firms measure the changes in assets under management (AUM) in USD equivalent as outflow. He noted that these are two different things as crypto price drops (which decreases AUM) would be labeled as “outflow.”

CZ added that some platforms do not measure inflows and only focus on the outflows. The CEO needed to clarify these after rumors emerged that Binance had converted its crypto holdings into fiat.

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The post Binance Sees $8B in Asset Outflows Following SEC Lawsuit appeared first on BeInCrypto.

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binance following lawsuit billion outflows sec sees

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