Binance’s Ethereum net outflows were $778M after SEC charges, according to Nansen.

The lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance, accusing the crypto exchange of violating various securities laws, has had a direct impact on the crypto market and Binance’s balance sheet. According to data from crypto analytic firm Nansen, Binance experienced negative netflows of over $778 million on the Ethereum blockchain, with $871 million of inflows dominated by $1.6 billion flowing out of the exchange. Ethereum-based tokens have seen negative netflows in the 24 hours since the SEC charges, with $14.8 million of assets flowing in and $50.5 million worth of assets flowing out of the exchange in the past hour alone. Binance’s reserve assets had a net outflow of approximately $1.4 billion in the first hour after news broke of the SEC’s charges, amounting to 2.6% of its total reserve assets of $52.9 billion. The outflow of funds from Binance across all protocols has reached $999 million in the past 24 hours. However, the net outflows are still lower than the exchange’s reserve. The crypto exchange holds a healthy stablecoin balance of over $8 billion. Binance also saw the largest outflow of Bitcoin (BTC) from the platform since the FTX collapse, with over 20,000 BTC withdrawn from the exchange in the last 24 hours. Market pundits predict that the significant surge in the withdrawals of assets from the crypto exchange reflects the declining trust of investors in centralized exchanges.

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