Binance customers seem fearless despite SEC’s suit

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

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 

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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