Binance outflows jump to $772M after the new CFTC lawsuit

Binance saw huge outflows after the Commodity Futures Trading Commission (CFTC) complicated the company’s legal situation in the United States. 

Data compiled by DeFi Llama shows that Binance clients withdrew over $772 million from the exchange in the past 24 hours. This was a big jump considering that outflows in the past 7 days totaled more than $1.1 billion. 

Binance now has over $73.49 billion in combined assets. Clean assets, which exclude tokens issued by itself are worth about $54.71 billion. 

Notably, Binance US saw inflows in the past 24 hours even as the company’s legal situation worsened. Its inflows jumped by $2 million to $324 million. Other exchanges that had inflows during this period were OKX, Huobi, and Bybit. 

The CFTC alleges that Binance violated its derivatives regulations in the United States by offering these services without registering with it. Analysts believe that the outcome of this lawsuit will shape the future of the cryptocurrency industry. 

In a statement, Binance said that it was disappointed with the new lawsuit, arguing that it had made significant investments to ensure that it did not have any American users on its main platform. In his response, Changpeng Zhao said:

“At Binance, we look for amicable solutions to all problems. We are collaborative with regulators and government agencies all around the world. While we are not perfect, we hold ourselves to a high standard, often higher than what existing regulations require.”

The new Binance lawsuit will likely lead to follow-up suits by other American agencies like the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS), which are all investigating the company. The BNB Coin dropped to $309, giving it a market cap of over $48 billion.