SEC Crackdown Triggers Massive Crypto Deposit Exodus from Binance and Coinbase

The SEC's lawsuits against Binance, Binance.US, and Coinbase have led to a combined net outflow of $4 billion in deposits from the three exchanges, according to blockchain data. The SEC's actions have unsettled the cryptocurrency market, with tokens characterized as securities in the suits tumbling the most during the week. Binance, the world's largest crypto exchange, experienced a $2 billion net outflow on the Ethereum blockchain over the course of four days. Coinbase endured $1 billion of net outflows via Ethereum from Monday to Thursday. Binance.US net outflows totaled $75 million on Ethereum.