Binance Out $790 Million As Investors Move Assets After SEC Lawsuit, Research Firm Reports

📆 6/6/2023 5:20 PM
📰 Forbes

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Investors pulled out of the crypto giant at a record pace and its cryptocurrency stock plummeted following a lawsuit alleging regulatory violations.

pulled out roughly $790 million from crypto exchange firm Binance and its U.S. affiliate over the past 24 hours after the U.S. Securities and Exchange Commission sued the company—and threatens a similar fate for Coinbase, another crypto giant sued by the SEC Tuesday.

Sportsfile for Web Summit via Getty ImagesInvestors have pulled almost $779 million in crypto tokens from Binance, the world’s largest crypto exchange, and $13 million worth from its U.S. affiliate, Binance.US, since the SEC filed its lawsuit Monday morning, according to aBinance’s cryptocurrency coin’s stock plummeted from $299 per share to $279 in the last two hours before market close on Monday, and has dropped a total of 10% in the past five days.

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