Dex volume not affected, but BTC drains from Binance increase according to CFTC lawsuit

Dex volume not affected, but BTC drains from Binance increase according to CFTC lawsuit

Bitcoin leaves Binance after the Commodities and Futures Trading Commission (CFTC) sued the stock exchange at the beginning of this week, as on-chain data show.

Although the shaft of the drains for the world's largest crypto exchange is declining, it does not seem to have triggered a significant migration from the ecosystem of decentralized finances (Defi).

increase in bony drains

According to in the block , Binance has experienced an increase in BTC withdrawals by 60 % in the last 30 days, with an average of over 400 million dollar on a few days in March Net withdrawals were recorded.

"This signals a strong interest from investors to shift their BTC stocks from the stock exchange." said Juan Pellicer, senior research at Intothblock, to cryptopotato via dm.

Bony drainage volume. Intotheblock

Signs of an increase in payout demand appeared on Monday at nansen on reported An approximately equivalent number of net flows within the last 24 hours. In the meantime, the data from Thanefield Capital showed that the CFTC has a total of more than $ 1 million from Binance within the hours before and after publication of the legal contestation by the CFTC.

The agency supposedly Used many US customers without proper registration, encouraged them to do so that Know-Your-Customer (KYC) to be bypassed with virtual private networks (VPNS) and participated in market manipulation.

The CEO of the company Changpeng Zhao (cz) later fulfilled these accusations and claimed that he does not act personally on the platform and converted personal To cover expenses.

Nevertheless, rumors and claims often sufficient to trigger a withdrawal frenzy. Börsenriese FTX broke in November after a run on deposits a divers A month later after rumors that customer money was also abusive.

according to Coinglass , currently holds 540,572 BTC worth 15.3 billion US dollar at the time of writing. In the meantime, data from Glassnode reflects a balance of 646.709 BTC on March 30th.

defi not affected

According to Pellicer, Binance still did not cause the dealers to withdraw to Defi.

"The volume increased incredibly during the USDC departure, but the trading volume via Defi has normalized again," he said. "It seems that the bony lawsuit is at least not noticeable in the direction of defi."

Defi enables users to act directly from their self-controlled wallets, rely on an intelligent contract code to carry out transactions. The collapse of FTX in November was followed by a in the defi retail volume and record sales for hardware wallet providers such as Hauptbuch and Trezor.

The industry is in a way more transparent and less trust-related than certain CEFI companies, but has also proven to be very well proven susceptible to hacks

.