CFTC enforcement action failed to create fear among Binance customers: Report
Reports noted that Binance customers are not in any kind of fear, despite the US financial regulatory body suing the Binance exchange.
Binance is a top-ranked crypto trade platform. The services of this exchange are secured as well as transparent to the customers, which helps this exchange to grab top rank in this innovative sector. Just a day ago, the United States Commodity Futures & Trading Commission (CFTC) sued Binance Exchange over unregulated derivative services & market manipulation.
The news about CFTC vs Binance exchange acted as a very big call for the crypto traders to change their trade position. This news acted as a catalyst to spread negativity among the crypto traders.
Bitcoin trade price plunged below $27k. The current trade price of Bitcoin is $27,390. A sudden downfall in the price of Bitcoin can be seen in the BTC price graph (on 28 March).
An investigation by an analyst in a CryptoQuant post confirmed that Binance customers are not in any kind of panic or FUD, as Bitcoin on-chain data is showing that customers are not showing any big negative action.
The Analysts noted that the net inflow & outflow of Bitcoin across the Binance exchange remained almost unchanged.
This graph is showing that a very small panic occurred among the Binance customers but later the situation recovered to normal.
FTX downfall & funds outflow
When in Nov 2022, the second-ranked popular crypto exchange FTX collapsed then at that time the majority of the crypto exchanges saw an outflow of huge amounts of crypto funds.
Binance exchange was one of the big players in the crypto industry, which saw an outflow of crypto assets in very big amounts but crypto deposit & withdrawal on the exchange was not impacted.
Read also: FTX ex-CEO accused of bribing Chinese officials
