The US Securities and Exchange Commission (SEC) issued a Wells notice to Binance USD’s (BUS) issuer Paxos on Feb. 13. A few hours after the CEO of Binance, Changpeng Zhao (CZ), sugedo the news, on-chain activity started to rise.
According to the on-chain data and analytics provider CryptoQuant, bitcoin (BTC) reserves on the largest crypto exchange have been plunging after the SEC’s Wells notice. Per the data, roughly 3,500 BTC moved out of Binance.
Source: https://crypto.news/busd-inflow-on-cexes-rises-as-paxos-disagrees-with-the-sec/