On June 5, the US Securities and Exchange Commission filed a lawsuit against cryptocurrency exchange Binance. This caused a depreciation of the company’s brand token, as well as a rapid outflow of assets.
According to the analytical service DefiLlama, in the last 7 days, Binance’s net outflow of assets amounted to $3.37 billion, which analysts attribute to the fact that in early June, the US Securities and Exchange Commission sued to the crypto exchange. The regulator accuses Binance of violating the rules for the circulation of securities.
CZ Cryptocurrency Exchange CEO hastened to reassure users, saying that the data on asset outflows are exaggerated. Furthermore, Changpeng Zhao recalled the last day of November 2022, when users withdrew around $7 billion per day due to the FTX crash and a sharp decline in trust in centralized exchanges.
It is also known that the US Securities and Exchange Commission lawsuit against Binance and Coinbase caused the total cryptocurrency market capitalization to decline by 7%.
Author:
Grigory Shcheglov
Source: RB
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