Crypto markets showed no signs of slowing down on Tuesday, despite the U.S. Securities and Exchange Commission (SEC) suing crypto exchange Binance and its founder Changpeng CZ Zhao for allegedly violating federal securities laws. Data from Nansen.ai revealed that outflows from Binance across all protocols hit $719 million over a 24-hour period, with net outflows of $230 million during U.S. trading hours. Despite the seemingly staggering net outflow, Binance’s stablecoin balance remains healthy at just over $8 billion, with a seven-day outflow of $519 million, or roughly 6% of holdings. Seoul-based crypto analytics firm CryptoQuant noted that the withdrawals are well within historical norms.
The SEC also alleged that a number of other tokens, including Binance’s BNB token, Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI) and Algorand blockchains (ALGO), Filecoin network (FIL), Cosmos hub (ATOM), Sandbox platform (SAND), Axie infinity (AXS) and Decentraland (MANA) are securities. Most of these tokens continued well into the red during the Asia trading day, with SAND and MANA leading the declines. Binance’s BNB is down 8% to $276.48, while the CoinDesk Market Index (CMI) is flat, down 0.08%. Liquidations in a 24-hour time span totaled $296.5 million, with $271 million being long positions.