Binance has experienced a net outflow of $600 million since the SEC filed a lawsuit against it on June 5, with withdrawals totaling $1.6 billion in the previous 24 hours compared to $1 billion in deposits.
Binance has responded by storing over 41% of its nearly $48 billion reserves in stablecoins to offset potential en-masse withdrawals. Despite facing regulatory pressures in the US, Binance's global client base is likely to remain largely intact, with several large investors depositing funds to support the platform.
However, the lawsuit could have severe consequences for Binance globally, including reputational damage and potential legal consequences such as substantial fines or even the suspension of operations in the US market.
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