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Binance Withdrawal On Track to be Largest Since March Crypto Banking Crisis
Blockchain data shows that the exchange endured some $503 million in net outflows on Monday amid SEC charges.
Updated Jun 6, 2023, 6:45 p.m. Published Jun 5, 2023, 4:26 p.m.
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Cryptocurrency traders are withdrawing funds from crypto exchange Binance at highest level since banking crisis in March, after the U.S. Securities and Exchange Commission (SEC) sued the company and its CEO Changpeng “CZ” Zhao for violating federal securities law on Monday.
Blockchain data shows that the exchange endured some $503 million in net outflows on Monday, according to a Dune Analytics chart by crypto investment product provider 21Shares. Traders have withdrawn more than $1 billion of digital assets during this period, compared to the $546 million in deposits, per the chart.
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This is on track to be the largest daily net outflow since at least mid-March, when investors worried about failing crypto-friendly banks destabilizing crypto exchanges, according to data by 21Shares.
Crypto intelligence firm Nansen's data showed that at one point Binance recorded $231 million more withdrawals than deposits within a one-hour period following the news about the lawsuit. The data excludes bitcoin (BTC) transfers.
While outflows are rising, this isn't necessarily out of the ordinary yet. In February, Binance weathered some 830 million of net outflows over a 24 hour period as New York state regulators cracked down on Binance-related stablecoin BUSD, CoinDesk reported.
Binance's crypto wallets hold some $55 billion of digital assets, according to Nansen data on exchange reserves.
The outflows came as the SEC lawsuit alleges that Binance, the world’s largest crypto exchange by trading volume, breached multiple federal securities laws. The suit said that Binance offered unregistered crypto securities, including BNB and BUSD tokens, to the general public and allowed for commingling of customer funds.
The SEC also alleges that CZ, the company’s chief executive officer, was “secretly” in control of Binance.US, an ostensibly separate entity operating in the U.S., and a CZ-owned entity had inflated Binance.US’s trading volume.
Read more: SEC Sues Crypto Exchange Binance, CEO Changpeng Zhao Over Multiple Securities Violation Allegations
UPDATE (Jun. 5, 18:51 UTC): Adds data about daily flows by 21Shares. Updates headline, lead to reflect the size and scope of the daily net outflow.
UPDATE (Jun. 5, 17:35 UTC): Updates headline and data. Adds data about digital assets on Binance. Adds context about prior withdrawals.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Ano ang dapat malaman:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
Ano ang dapat malaman:
- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
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