Woo: “Binance customers don’t care” about SEC enforcement action Woo: “Binance customers don’t care” about SEC enforcement action
Altcoin holders on Binance.US, however, seem more nervous.
2 min read
Updated: Jun. 7, 2023 at 12:31 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
On-chain Analyst Willy Woo has said, “Binance customers don’t care” about recent enforcement actions by the Securities Exchange Commission (SEC).
Woo made the comments regarding Bitcoin holders on the main global platform. However, further analysis showed Binance.US altcoin holders are withdrawing significant funds.
Binance Bitcoin balance holds steady
On June 6, the SEC filed a motion requesting the court freeze assets held by Binance.US.
On-chain analysis conducted by Woo showed Binance’s Bitcoin balance appears relatively stable, implying that users are not panicking or rushing to withdraw their BTC at present.
“Not seeing much BTC leaving, not yet at least.“
One commenter replied to Woo that this reflected a change in sentiment: “People are finally saying FU to the corruption of Gensler and the governments.”
Another echoed Woo’s premise of Binance users remaining largely unfazed, saying the SEC “overplayed their role,” and investors no longer consider them a legitimate organization.
Commenting on the motion, the Co-founder of Reflexivity Research, Will Clemente, suggested that the securities agency was deliberately trying to cause a run on Binance. Adam Cochran said, “A run on that should do no damage” if Binance has 1:1 backing as it claims.
Ethereum assets on Binance US fall
Data from DeFi Llama showing ERC-20 flows on Binance.US paints a different story from above.
While Bitcoin held by Binance.com may be relatively stable, Ethereum-based assets held by Binance.US saw a $76.5 million outflow on June 7.
Days earlier, on June 5, the day the SEC filed against Binance, Binance.US, and CEO Changpeng Zhao (CZ) over allegations of operating an unregistered exchange, among other charges, total Ethereum outflows from the U.S. arm came in at $506.9 million.
The disparity suggests Binance.US altcoin users are more concerned about the potential implications of the SEC’s enforcement actions against the company.
Binance CEO Changpeng Zhao (CZ) clarified that the motion to freeze assets would only affect Binance.US if approved by the court.
“It does NOT affect Binance.com. Funds are #SAFU.”
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Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,461.87
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Willy Woo, born in Hong Kong and raised in New Zealand from a young age, embarked on a technology-driven career path after completing his university education.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.