Binance and Coinbase Cumulatively Record Net Outflows $597.2 million has been paid across all protocols in the last 24 hours, according to data from blockchain analytics firm Nansen.

Coinbase, Binance outflow
Source: Nansen

A breakdown of the data showed that Binance and its US subsidiary Binance US recorded negative netflows. $491.9 million versus $105.3 million for Coinbase.

“Netflow is the sum of the amount deposited and the amount withdrawn. If an exchange has a negative netflow, it means that more assets are being withdrawn than deposited. And if the exchange netflow is positive, more assets will be deposited on the exchange.”

Nansen said These withdrawals It was less than what was observed 24 hours after the U.S. Securities and Exchange Commission (SEC) sued Binance on June 5. At the time, Nansen said Binance users had withdrawn more than $3 billion from the platform across multiple chains, resulting in a negative netflow of $1.43 billion.

Meanwhile, Binance US previously recorded positive netflows of $78 million 24 hours after the SEC lawsuit, but netflows turned negative following the regulator’s decision. It moved to freeze assets held by US-based companies. According to Nansen, withdrawals on Binance.US totaled $123.6 million as of 12:30 UTC.

This confirms the previous crypto slate Binance US customer withdrawals surged after SEC action, reports report.

Nansen too I got it Netflows for Coinbase and Coinbase custody during the same period were negative $1.28 billion.

on-chain analyst 52hz ALERTS VENTURES, Lewis N, commented that is Data show that FUD caused by the SEC has not had a significant impact on society. binance compared to the old days.

Meanwhile, Binance and Coinbase said they would defend themselves in court against the SEC lawsuit. Several cryptocurrency insiders, including two US senators, have criticized the SEC’s approach to the industry.

Post-Nansen data shows an outflow of nearly $600 million on Binance, with Coinbase appearing first on CryptoSlate.

By Jules

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