Binance Sees Massive Outflows Following CFTC Lawsuit, With $852M “Missing” in 24 Hours

Customers of Binance, the world's largest cryptocurrency exchange, withdraw $1.6 billion in total deposits amid growing concerns over potential investor misrepresentation and misconduct, with $852 million disappearing in just 24 hours.

Significant outflows of money from Binance customers have been recorded by the world’s largest cryptocurrency exchange, following the lawsuit filed against it by the US Commodity Futures and Exchange Commission.

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Blockchain research centre Nansen reports that from Monday to Wednesday Binance has recorded total deposit outflows of $1.6 billion, with $852 million “going missing” in the last 24 hours.

Note that the average outflows from Binabce for the last 2 weeks averages $385 million.

Recall that the CFTC’s lawsuit against Binace was filed for potential investor misrepresentation is already creating a stir in the industry, as possible “misconduct” could have an impact on the broader business of US trading companies associated with the cryptocurrency exchange.

As it has become known, the “microscope” is being put on the deals with three companies.

According to the CFTC’s complaint, Binance and its co-founder Changping Zhao allegedly made “calculated” moves to attract US investors in violation of federal laws without informing the authorities.

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