Coinspeaker
Coinbase Users Withdraw Over $600 Million in One Day, Here’s Why
American cryptocurrency exchange Coinbase is currently experiencing a high surge in user withdrawals. According to blockchain data by crypto analytics firm Nansen, Coinbase has seen, within a 24-hour time frame, net outflows of no less than $600 million.
The massive withdrawals, however, appear to be a result of the recent decision by the US Securities and Exchange Commission (SEC) to sue the exchange. Having filed a lawsuit against another top exchange Binance on Monday, SEC also slammed Coinbase with a similar suit a day later. The regulator alleges that Coinbase has violated federal securities laws, hence the reason it is suing.
User Withdrawals Top $600 Million on Coinbase, Signals Rising Fears
Meanwhile, SEC’s lawsuit may have sparked fears of uncertainty amongst users. To this end, most of them are now scampering to get their funds out of the exchange. As Nansen found out, traders have withdrawn at l
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