Following CFTC charges against Binance, crypto users have withdrawn more than $400 million on Ethereum from Binance in the past 24 hours, while Paxos has burned more than $155 million of BUSD. reports
In the last 24 hours, Binance has seen a net outflow of $400 million on Ethereum, according to blockchain analytics firm Nansen. This compares to a net flow of $2 billion over the past seven days. Savvy traders who Nansen considers “smart money” operators have also removed $9 million over the last 24 hours from Binance as of presstime.
The on-chain movements highlight crypto trader skittishness in an uncertain regulatory environment. Although Binance has not made moves to close its doors, even the prospect of something going amiss at the world’s largest crypto exchange by volume appears to be causing depositors to flee.of the Binance USD stablecoin, on Monday burned more than $155 million of BUSD in the past four hours, another example of investor flight.
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