Over $850 million withdrawn from Binance within 24 Hours of CFTC lawsuit

Crypto exchange Binance has been in the news lately due to a lawsuit filed by the US Commodity Futures Trading Commission (CFTC) accusing the exchange of regulatory violations. The allegations have caused some investors to lose confidence in the exchange, leading to the withdrawal of significant amounts of cryptocurrency from its wallets.

According to data from Thanefield Capital, almost $1.5 billion left major exchanges such as Binance, Kraken, Coinbase, and Bitfinex in the 12 hours preceding the CFTC indictment.

Of this amount, over $850 million was withdrawn from Binance. In the hour following the announcement, Binance saw an additional $240 million withdrawn. Binance CEO Changpeng “CZ” Zhao responded to the lawsuit, expressing disappointment in the civil complaint and emphasizing Binance’s cooperation with the CFTC over the past two years.