Binance.US Customers Withdrawing Crypto in Aftermath of SEC Lawsuit

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Securities And Exchange Commission Sues Large Cryptocurrency Exchanges, Binance And Coinbase — Photographer: Justin Sullivan/Getty Images

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By David Pan and Olga Kharif

June 7, 2023 at 6:10 PM UTC

Updated on

June 7, 2023 at 6:13 PM UTC

This article is for subscribers only.

Binance.US, the American crypto trading affiliate of Binance Holdings Ltd., is seeing an uptick in customer outflows after the US Securities and Exchange Commission filed to seize the platform’s assets, according to a blockchain analytics firm.

New outflows were about $124 million in the 24 hours that ended as of 8:30 a.m. in New York, according to data from researcher Nansen. Binance.US’s customer assets total over $2.2 billion, according to a memorandum from the SEC. Binance.US declined to comment Wednesday on customer outflows.