Withdrawals from Coinbase increased after the SEC lawsuit against Binance and its CEO CZ yesterday, as well as after the Coinbase lawsuit today.
In about an hour since the SEC sued Coinbase, users have withdrawn more than $57.7 million in funds from Coinbase, excluding Bitcoin (BTC), across multiple chains, according to Nansen, an analytics firm that studies Coinbase outlets.
Nansen stated that $43.1 million of these withdrawals came from Coinbase Custody.
"First Binance, now Coinbase…
Since the SEC announced it was suing Coinbase, users have withdrawn more than $57.7 million from the exchange across multiple chains, excluding Bitcoin. Of that, $43.1 million is from Coinbase Custody."
First Binance, now Coinbase…
Since the SEC announced that they're suing Coinbase, users have pulled out over $57.7M across multiple chains from the exchange, excluding Bitcoin. $43.1M of this is from Coinbase Custody.https://t.co/KYiQjILUNS pic.twitter.com/5zV1SUoa6i
— Nansen 🧭 (@nansen_ai) June 6, 2023
These exits came after the SEC sued Coinbase, the largest US cryptocurrency exchange, stating that it violated securities laws.
The SEC claimed that Coinbase was acting as an unregistered broker and making billions of dollars by illegally facilitating the trading of cryptocurrencies.
The SEC also claimed in the Coinbase case that some altcoins are securities, as in the Binance case.
These altcoins were listed as "SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO".
