02 March, 2024

Binance Receives Unwavering Support from Crypto Whales Despite SEC Lawsuit

9 months ago

21 Nov, 2023

The cryptocurrency whale community strongly supports Binance, a top global cryptocurrency exchange, amidst the legal challenge from the U.S. Securities and Exchange Commission (SEC). Notably, these whales demonstrate their support by making substantial deposits into the exchange, signaling a resolute vote of confidence in Binance’s prospects and resilience.

To gauge investor sentiment, the CEO of Binance shared a thread on Twitter and conducted a poll to determine which entity excels in safeguarding investors within the crypto community:

The poll garnered an impressive response, with nearly 200,000 individuals actively participating. As the results currently stand, Binance enjoys overwhelming support, with a special rate of over 85%, whereas the SEC lags significantly behind with a mere 14% backing.

The SEC filed 13 charges against Binance and its CEO Changpeng Zhao. These allegations, detailed in an official press release, involve a range of securities law infringements and have sent shockwaves throughout the crypto market.

The lawsuit’s announcement triggered a rapid decline in the market, with Bitcoin (BTC) plummeting to $25.5K in hours. Nansen, a cryptocurrency analytics firm, revealed that Binance experienced a negative net flow of $778 million on the Ethereum blockchain. During this period, the exchange witnessed an inflow of assets worth $871 million, but a staggering $1.6 billion was transferred.

Lookonchain, a digital asset management firm, reported that FGB Capital initially withdrew $35 million USDT from Binance before the lawsuit’s revelation:

Despite this turbulent market reaction, Binance has found unwavering support from the whale community. However, in a remarkable show of solidarity, FGB Capital reinstated $44 million USDT into the exchange as a sign of support during the ongoing legal proceedings.

FalconX, another influential player in the crypto space, has also stepped up to demonstrate solidarity. The firm deposited $29.5 million into Binance, effectively countering fears, uncertainties, and doubts (FUD) surrounding the exchange. Additionally, Machi Big Brother, a prominent trader of non-fungible tokens (NFTs), contributed to Binance’s stability by transferring all 39 of his Bored Ape NFTs to Binance’s NFT platform.



By using this site, you agree to the Privacy Policy and Terms of Use.