Here’s how the Binance and Coinbase reserves of Bitcoin, Ethereum, and stablecoins have changed since the US SEC sued the exchanges.
Bitcoin, Ethereum, And Stablecoins Have Exited Binance And Coinbase Recently
On 5 June, news came out that the US Securities and Exchange Commission (SEC) had sued the cryptocurrency exchange Binance over alleged fraud. The event lead to the market becoming quite volatile, as Bitcoin and other coins initially observed a crash.
Only the next day, 6 June, Coinbase also became the target of regulatory pressure from the US government, meaning that both the largest players in the space had come under fire back to back.
Whenever centralized entities like these come under such regulatory scrutiny, there is always some degree of panic among the users of the platforms. Thus, it’s not uncommon to see large withdrawals taking place shortly after the FUD spreads, as users look to flee the exchange.
In its latest weekly report, the on-chain analytics firm Glassnod
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