Withdrawals from crypto major Binance across all protocols has topped $719 million in 24 hours.
The outflows were prompted by the U.S. Securities and Exchange Commission (SEC) suing Binance and its founder Changpeng “CZ” Zhao on allegations of violating federal securities laws.
In the complaint, the SEC also alleged that a number of other tokens, including Binance’s BNB token, Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI) and Algorand blockchains (ALGO), Filecoin network (FIL), Cosmos hub (ATOM), Sandbox platform (SAND), Axie infinity (AXS) and Decentraland (MANA) are securities.
As a result, most of these tokens are in the red. Metaverse majors SAND and MANA led the declines, with SAND down 13% to $0.52 and MANA down 11.6% to $0.45.
During the Asia trading day, $26 million in positions were liquidated, bringing the total liquidations in a 24-hour time span to $296.5 million.
