Two of the world’s biggest cryptocurrency exchanges are feeling repercussions from the lawsuit filed by the Securities and Exchange Commission against Binance on Monday. According to blockchain data supplied by Nansen, both Binance and its rival Coinbase saw more than $1 billion in negative net outflow—or the difference between total withdrawals and deposits—in the first 24 hours since the lawsuit dropped yesterday morning.
According to Nansen, Binance customers withdrew approximately $3 billion in assets and deposited only $1.57 billion, resulting in a negative net outflow of $1.43 billion. And Coinbase, the largest exchange in the U.S., saw users take out about $2.64 billion and only put in $1.46 billion, which translates to a negative net outflow of $1.18 billion.
