It has been a bad week for Binance. Several top executives, including the Chief Strategy Officer, announced they would be leaving the company. This follows recent events where the SEC forced Binance to remove several trading pairs and halt US deposits.
On-chain data shows a significant increase in outflows from Binance, and since the start of June, investors have pulled nearly $4 billion from the platform. The increased regulatory pressure has provided a tailwind for new DeFi projects as liquidity leaves CEXs in favor of DeFi. A prime example is DigiToads (TOADS), a protocol free from third parties, and TOADS is currently enjoying a major liquidity boost.
Binance Outflows Creep Toward $4 Billion
Binance engages in a war on all sides, and the SEC under Gary Gensler has been hell-bent on making life difficult for Binance CEO CZ. A cascade of events has put pressure on the CEX. Paxos was forced to stop issuing $BUSD earlier this year, causing the total supply to decline.
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