SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%

The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator’s recent legal actions against cryptocurrency exchanges Coinbase and Binance.

According to aggregated

As DEX volumes surged, net outflows — the difference between the value of assets entering and exiting the exchange — on Binance reached a staggering $778M. It’s worth noting that current net outflows are still much lower than the exchange’s total reserve. At the time of writing Binance maintained a stablecoin balance of more than $8 billion.

Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum – $871.7M in and $1.65B out

Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum – $14.8M in and $50.5M out

Track it here https://t.co/nwTgpXWhZY and filter for “Binance” pic.twitter.com/jnNAN0QKVy

— Nansen (@nansen_ai) June 6, 2023

The market frenzy comes amid a swathe of legal action against crypto exchanges by the Securities and Exchange Commission (SEC). On June 6, the SEC sued Coinbase alleging it offered unregistered securities and acted as an unregistered securities broker among other charges.

A day earlier on June 5, the SEC sued Binance, Binance.US and Binance CEO Changpeng Zhao (CZ) under similar allegations. The SEC alleged Binance failed to register as a securities exchange and was therefore illegally operating in the U.S.. According to the charges Zhao was sued as a “controlling person.”

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