Binance customers withdrew almost $1 billion in one day

Binance, the largest cryptocurrency exchange, recorded one of the biggest outflows of funds. Customers withdrew almost $1 billion.

Here's What We Know

The New York Financial Services Department (NYDFS) issued an injunction that banned Paxos from issuing Binance USD Stablecoins. In parallel, the US Securities and Exchange Commission (SEC) is preparing a lawsuit against Paxos because the company was issuing BUSD without correctly registering as a security.

These are key reasons for the record-breaking outflow of funds from Binance over the past three months. At the end of last fall, the exchange's customers withdrew $1bn. This time around, the exchange lost $916m.

Expectedly, Binance Coin plunged. The cryptocurrency fell 11.5% to $284. Over time, the digital asset has recouped almost everything. The price of BNB now stands at $319.

Source: Dune