Over $70 million worth of crypto left Binance after the news broke. United States regulators file 13 charges against Binance and its CEO.
The United States Securities and Exchange Commission (SEC) filed a lawsuit Monday against Binance and its CEO, Changpeng Zhao., for the alleged offer of unregistered securities in violation of federal laws. This led to a massive outflow of funds that reached US$60 million.
The lawsuit features thirteen counts against the company and its affiliates. Binance recorded net outflows of around $70 million, according to data from the Blockchain intelligence platform collected by CoinDesk.
Outflows on the Ethereum network exceed $40 million in the last hour, the firm added in a tweet.
Users of the largest cryptocurrency exchange withdrew some $125 million worth of digital assets in the last few minutes after the lawsuit became public knowledge. Data excludes Bitcoin (BTC) transfers.
The United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its platform in the United States, and Changpeng Zhao (CZ) in the Court of the District of Columbia on June 5.
The US regulator filed 13 charges against Binance, including unregistered offers and sales of BNB tokens, BUSB, Simple Earn and BNB Vault products, and its staking program. Furthermore, the SEC alleges in the lawsuit that Binance failed to register its platform. Binance.com as an exchange or an exchange. He further claimed that Binance and BAM Trading failed to register Binance.US as an exchange, broker, and clearing agency, and CZ was sued as a “control person.”
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
