Despite the Securities and Exchange Commission's (SEC) lawsuit against Binance, the world's largest crypto exchange by trading volume, customers seem to be unaffected. Binance experienced outflows of 10,000 Bitcoin (BTC), the largest withdrawal total of 2023, but this appears less significant when viewed on a zoomed-out time chart.

Binance's Bitcoin Outflows-to-Reserves Ratio remains low, according to Julio Moreno, head of research at CryptoQuant. The SEC alleges that Binance violated investor protection and securities laws by engaging in unregistered offers and sales of "crypto asset securities," and also targeted Binance's native token, BNB, and stablecoin, BUSD. Despite the regulatory crackdown, the overall crypto market cap saw a 4.2% increase in the past 24 hours at the time of writing.