In this regard, false rumors were circulating these days about some US judge forcing Binance to transfer its assets to Binance.US to be permanently frozen.

The real danger seems to be more toward Binance.US, which just in the last few hours has been forced to delist about 100 trading pairs from its markets because certain cryptocurrencies have been deemed “ securities” by the SEC.īinance.US has never registered these “financial products,” for which there is a special regulation dated 1933, so it is not allowed to sell them to US residents.Ī separate discussion applies to, which is headquartered in the Cayman Islands, so it has more protection against the imposition of US courts. The world’s largest exchange in terms of trading volume and reputation is not in danger, at least from a financial and liquidity flow perspective. The token allocation of the exchange shows that most of the funds (more than 50%) are allocated in USDT and BTC, 12% are in ETH, while about 10% are split in BNB and BUSD. In detail, Binance still has total assets of $57.796 billion, of which 28.18% is on the Ethereum chain, 27.96% on the Tron chain, and 27.27% on Bitcoin. This is still a considerable sum, but not alarming to the point that we should speak of a bankruptcy in progress. If we then take a look at the total balance sheet held by the exchange, we realize that the net outflow of the past 7 days amounts to “only” 2.8% of all that Binance currently manages. In fact, the platform run by its CEO Changpeng Zhao, who is also being sued by the federal agency, has faced similar situations to this one before, with far greater user withdrawals.įor example, taking data from DefiLlama, we can see how on 30 January 2023 there was a negative cash flow of as much as $4.28 billion, while on 14 December 2022 there was another major capital outflow of $4.26 billion.Ĭompared to these two events, the outflow of the past few days does not seem to be particularly severe. The stampede triggered by the SEC’s lawsuit against Binance, and the FUD that spread rapidly in the hours that followed, does not appear to seriously threaten the exchange’s fortunes. The situation for appears to be under control In the last 7 days, the data speak of a negative netflow of $1.6 billion, of which again the vast majority comes from transactions conducted on Ethereum. Most of the movements have occurred on the Ethereum blockchain. Notably, the last 24 hours have seen less violent outflows, with a negative netflow of $387 million. This is because the FUD against the exchange has been debunked on Twitter by both Binance representatives and many active users on social media. We'll show what you need to see using on-chain data… /2AcAc2OrW0- Nansen 🧭 June 6, 2023Īt the moment the situation seems to have subsided slightly, with a decrease in the trend of withdrawals in recent hours.

It's been 24 hours since the SEC sued Binance users have withdrawn over $3B across multiple chains since the announcement, resulting in $1.43B negative netflow as of 3pm UTC today

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