Investors Pull $780 Million from Binance after SEC Filing Lawsuits against Exchange and CZ

Binance has seen an outflow of around $780 million in the last 24 hours, according to the crypto and NFT analytics solution Nansen.

Investors have pulled out hundreds of millions of dollars from the world’s largest crypto exchange after the exchange and its CEO Changpeng Zhao were sued by the Securities and Exchange Commission for U.S. securities violation.

The allegation was that Binance, the world’s largest crypto exchange, and its CEO, commingled billions of dollars worth of user funds and transferred them to a European company controlled by Zhao. Moreover, the SEC alleged that Binance failed to restrict U.S. customers from its platform and misled investors about its market surveillance controls.

Meanwhile, Binance U.S., an affiliate exchange of Binance, also saw a net outflow of $13 million during the same period, Nansen reported.