The Securities and Exchange Commission (SEC) lawsuit against crypto platform, Binance, triggered over $700 million in withdrawals as crypto traders continued to face losses.
The SEC filed 13 charges against Binance and its CEO, Changpeng “CZ” Zhao, for allegedly participating in an “extensive web of deception” to mislead customers and evade federal regulatory laws.
The case against the troubled crypto platform will be held in the U.S. District Court for the District of Columbia.
Outflows from Binance hit $719 million within 24 hours after charges were filed by the federal regulator on Monday, according to data from Nansen.ai.
At one point during trading hours, net withdrawals from the platform rose as high as $230 million after the SEC announced its lawsuit….