Crypto investors withdrew $791.6 million from crypto exchange Binance in 24 hours, crypto research firm Nansen said Tuesday, after the US regulator filed 13 securities charges against the company and its founder and CEO Changpeng Zhao.
Investors pulled $1.65 billion in assets from Binance and $13 million from contested Binance’s US arm on the Ethereum blockchain after the charges were made public.
Inflows totaled only $871.8 million and $11.53 million to Binance and Binance US, respectively.
The SEC alleged that Binance engaged in unregistered offerings and sales of securities, with Zhao and his entities improperly commingling investor funds with those of Binance.
The agency also claimed the exchange subverted its own controls to allow institutional US investors to use Binance’s international exchange, rather than the supposedly firewalled US version.