Binance is world's largest crypto exchange with billions of capital and thousands of merchants around. After the lawsuit of SEC against Binance yesterday, A shaking figures noticed on exchange.
After lawsuit the Binance’s BNB token, Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI) and Algorand blockchains (ALGO), File coin network (FIL), Cosmos hub (ATOM), Sandbox platform (SAND), Axie infinity (AXS) and Decentraland (MANA) sharply declined and made huge impact on whole market.
Bitcoin, Ethereum and BCH also got effects but regained sharply and today morning Bitcoin came in the line of $26K.
Source: Coindesk
The data showing that over $700 millions withdrawn from Binance within 24 Hours of lawsuit. Most of slabs are around BnB chain where investors feel threatening and fled out.
The relationship between the SEC (Securities and Exchange Commission) and the crypto industry is complex and constantly evolving. In general the SEC has taken a cautious approach to regulating crypto assets viewing many of them as securities that fall under its jurisdiction. However there have been ongoing debates and discussions about how best to regulate this rapidly evolving industry while also promoting innovation and growth. Also the SEC looking into the funds of costumers transferred into personal accounts illegally and shamefully.
There are several reasons why investors might be pulling out their funds from Binance. One of the main reasons is the uncertainty surrounding the future of the crypto industry after recent lawsuit. This has led to a general sense of distrust and caution among investors, which has caused them to move their funds to other exchanges that they perceive to be more secure. This trend will be active and alive further more if Binance delay any response to inquiry.
Cheers,
Amjad
