Despite the recent lawsuit filed by the SEC against Binance and Coinbase causing shockwaves in the crypto community, data from on-chain analytics indicates that Binance's assets have not experienced a significant decline, with the overall value of assets held on the platform decreasing by approximately 13% in the past week primarily due to the drop in cryptocurrency prices.

Binance's CEO, CZ, clarified that the reported net outflow of approximately $392 million in the last 24 hours includes the impact of crypto price drops and should not be solely interpreted as a negative development. However, despite CZ's efforts to mitigate FUD, overall activity on Binance has dropped, which negatively impacted the revenue generated by the protocol.