After the world’s largest cryptocurrency exchange, Binance, was sued by the Commodity Futures Trading Commission (CFTC), a prominent US regulator, investors withdrew $1.6 billion worth of cryptocurrencies from the platform.
The crypto giant, its CEO, and its former top compliance executive were all sued by the US CFTC for running an “illegal” exchange and “sham” compliance program, according to the complaint.
According to blockchain data tracker Nansen, in the wake of the CFTC lawsuit, Binance saw withdrawals totaling $1.6 billion and $852 million in the last 24 hours. This is an increase from an average of $385 million per day for the previous two weeks.
Nansen Exploration expert Martin Lee said the surge was higher than expected, yet at the same time not quite as high as on December 13, when financial backers hauled $3 billion out of Binance in the midst of frenzy over the province of Binance’s stores.
“Crypto market cap is up 2.56 percent and is currently ahead of BTC and ETH in the attempt for $1.16 trillion. The CFTC has zeroed in on Ethereum showing its help for ETH as a ware, bringing about There has been a smaller than normal meeting of 3.92% in only 24 hours. At the time of writing, BTC is trading at $27,371.52, up slightly by 1.54 percent. “Investors on Binance concerned about CFTC action closely watching its development,” BuyUcoin CEO Shivam Thakral stated.