The largest cryptocurrency exchange, Binance, recorded one of the largest outflows of funds.Clients
What is known
New York City Financial Services Department(NYDFS) issued an order that prohibited Paxos from issuing Binance USD stablecoins. In parallel, the US Securities and Exchange Commission (SEC) is preparing a lawsuit against Paxos, due to the fact that the company issued BUSD without being correctly registered as a security.
These are the key reasons for the record outflow of funds from Binance over the past three months. At the end of last autumn, the exchange's clients withdrew $1 billion. This time, the exchange lost $916 million.
As expected, the rate of Binance Coin fell. The cost of the cryptocurrency decreased by 11.5% and amounted to $284. Over time, the digital asset won back almost everything. The price of BNB is currently $319.