Withdrawals Surpass Deposits On Coinbase And Binance
24 hours after charges were filed against Coinbase, both Coinbase and Binance show negative netflow according to Nansen. For Binance, negative netflow crossed $400 million on its international platform and Binance US, excluding withdrawals on Bitcoin’s network. Binance US’s negative netflow skyrocketed to $120 million after the SEC filed an emergency motion to free the platform’s assets.
Coinbase and Coinbase custody saw over $80 million in negative netflow, a smaller number compared to Binance.
SEC In For A Showdown
Both Coinbase and Binance have expressed intent to fight the SEC in court. The two crypto exchanges denied breaking securities laws and called out the commission for failing its duty to provide clear guidance.
“We’ll get the job done” Coinbase CEO Brian Armstrong said in response to the lawsuit and Binance CEO Changpeng Zhao tweeted “4” suggesting that the news is FUD.
The SEC also classified several cryptos like SOL and MATIC as securities leaving the wider crypto community wondering what other tokens could feature in the commission’s war against digital currencies.
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