The U.S. Securities and Exchange Commission (SEC) sued cryptocurrency exchange Coinbase on Monday and Tuesday, a day after it sued rival Binance exchange, leading to massive withdrawals from users. Blockchain data from cryptocurrency intelligence firm Nansen shows Coinbase’s net outflows totaled $600 million in 24 hours. According to Nansen, traders withdrew $1.38 billion in cryptocurrencies during this period, while only $771 million was deposited. Data does not include Bitcoin (BTC) transfers. Additionally, some U.S. state regulators suspect Coinbase is violating the law by offering staking rewards to users through its “Earn” program.
