Binance and Coinbase are facing negative net outflows following lawsuits filed by the SEC. Within the first 24 hours of the announcement, the two exchanges collectively saw close to $600 million in negative net outflows. Binance's US arm experienced a net outflow of approximately $123 million across multiple chains, while Coinbase faced a net outflow of approximately $105 million.

The SEC has accused Binance of engaging in the unregistered offer and sale of securities, while Coinbase is accused of operating as an unregistered broker, exchange, and clearing agency.