Binance Faces $1.6 Billion Crypto Withdrawal as CFTC Lawsuit Rattles Investors—Is a Shutdown Imminent?

Binance, the world's largest cryptocurrency exchange, experienced a $1.6 billion crypto withdrawal since the CFTC sued the exchange, its CEO and founder, Changpeng Zhao, and its former top compliance executive, accusing them of operating an "illegal" exchange and a "sham" compliance program, Reuters reports.

According to blockchain data tracker Nansen, Binance has received $852 million in withdrawals in the last 24 hours alone. These figures represent a significant increase from the previous two weeks' average of $385 million per day.