ETH Users Withdrawing Funds From Binance.US
Binance.US recently seen a significant increase in Ethereum (ETH) outflows as a result of the ongoing dispute with the US Securities and Exchange Commission (SEC).
After the regulator filed a complaint against Binance for manipulation of user funds, the regulator also ruled that the funds on Binance.US should be frozen.
The SEC, on the other hand, had to first apply approval for an asset freeze order, giving Binance.US’ community a narrow window to withdraw their funds and avoid having them locked up for an undetermined period of time.
Users of the exchange took advantage of the opportunity, since the SEC’s recent approach caused concern among US-based cryptocurrency users.
Binance.US began to observe significant ETH outflows, demonstrating how significant regulatory moves can have on user behaviour and market dynamics.
ETH outflows from Binance US have increased as the SEC seeks an order freezing the exchange’s US assets.
The SEC’s action followed recent reports that Binance executives were reportedly in command of Binance.US’ bank accounts.
(With inputs from Shikha Singh)
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