On-chain data is showing that the Binance exchange only saw a very small amount of funds outflow, following regulatory action in the US jurisdiction.
BinanceUS is a US-based crypto exchange, an independent subsidiary of the Binance exchange. Just 4 days ago, the United States Securities Exchange Commission (SEC) sued Binance, BinanceUS, & Binance CEO Changpeng Zhao (CZ) with 12 charges. And also the SEC body was planning to freeze the crypto assets & all the funds of the BinanceUS exchange.
On 6 June, many people claimed that the US SEC body is very powerful & it can freeze the assets of Binance exchange also, alongside BinanceUS. The whole news acted as a catalyst to create fear among the Binance customers but CZ confirmed that no regulatory action by the US SEC will impact Binance.com.
Now the latest on-chain data by CryptoQuant showed that Binance customers are trading their crypto assets with full confidence & they are not in the mood to get into more fear because of any lawsuit against Binance & BinanceUS.
Ki Young Ju, the CEO of cryptoquant, noted that Binance saw a 4k Bitcoin outflow, & later saw a 10k Bitcoin outflow. The latter caused a significant dump in the trade price.
Young shared a zoom-out picture and said that net Bitcoin volume on the Binance exchange is still in the usual growth line, year by year.
A few people alleged that Binance exchange supporters are only showing a positive picture & they are ignoring the negative side, as Bitcoin outflow reached more than 20k btc following the lawsuit action.
Read Also: Bitcoin investment & trading plunges 10% in the US over the last 12 months
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