Binance reportedly saw more than $850 million withdrawn from its platform before the civil lawsuit filed by the CFTC.
- On-chain data had revealed that more than $850 million flowed out of Binance before CFTC filed its lawsuit.
- The hours following the lawsuit saw an additional $240 million withdrawn from Binance.
- On December 13 last year, Binance reportedly processed $3 billion worth of withdrawals.
The Commodity Futures Trading Commission’s (CFTC’s) lawsuit against Binance has sent shockwaves throughout the crypto exchange and its user base. The aftermath of the civil lawsuit has seen hundreds of millions of dollars taken off the platform. However, recent on-chain data had revealed that a lot more was withdrawn before news of the CFTC’s lawsuit broke.
According to data compiled by blockchain analytics firm Nansen, more than $850 million were taken off Binance just a few hours before the federal regulator brought its civil case against the crypto exchange for alleged violation of regulations in the United States.