According to DefiLlama, in an astonishing turn of events, Binance, one of the biggest cryptocurrency exchanges in the world, has been struck by a major outflow of cash totaling a remarkable $850 million in the previous 24 hours alone. This amount has now increased dramatically over the period of just seven days to a staggering $2 billion.
The SEC filed a lawsuit against Binance, Binance US, and Changpeng Zhao, the exchange’s CEO, on Monday for alleged breaches of U.S. securities laws, which is when the black-and-yellow crypto behemoth’s problems started. In addition to the complaint, the SEC ordered that the money of all three parties be frozen. This demand might become effective as early as June 13 and could make Binance’s problems worse.
Where does money flow?
It’s interesting to note that one exchange has benefited from Binance’s problems in the midst of the volatility roiling the cryptocurrency market. Since the start of the week, OKX, another big player in the cryptocurrency market, has grown significantly, increasing by at least $350 million. By making OKX the second-largest centralised crypto asset trading platform, according to DefiLlama, this increase has further established OKX’s reputation in the market.
The current market value of all OKX assets is a staggering $10 billion. Even while this number is still six times smaller than Binance’s, it marks an astounding 15.3% growth over Bitfinex, the competitor for third place.
The emergence of OKX amid Binance’s difficulties demonstrates the dynamic character of the sector as the cryptocurrency market continues to change and encounter regulatory difficulties. The outcome of Binance’s legal situation and its possible influence on the larger crypto scene are being actively watched by investors and traders.
