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Binance Hit with Massive Outflow of Funds Amid SEC Lawsuit, OKX Emerges as Beneficiary

Binance, a major cryptocurrency exchange, has experienced a massive outflow of funds worth $850 million in the last 24 hours and $2 billion in the last seven days, according to DefiLlama. This comes after the SEC filed a lawsuit against Binance, Binance US, and its CEO for alleged violations of US securities regulations.

Meanwhile, OKX, another major player in the cryptocurrency market, has seen significant growth and solidified its position as the second-largest centralized crypto asset trading platform with assets worth $10 billion. The rise of OKX amid Binance's struggles highlights the dynamic nature of the industry and investors are closely watching developments.

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