As a direct result of the recent announcement that Paxos and its stablecoin Binance USD could be subject to regulatory action, cryptocurrency exchange Binance has seen a significant increase in the number of withdrawals made over the course of the last twenty-four hours. (BUSD).

Peckshield claims that there were a total of 342 million BUSD worth of tokens that were destroyed over the course of the previous twenty-four hours. These swaps occurred around the same time period when substantial activity was taking place with the BUSD token.

On February 12, it was made public that the statement had been made that the United States Securities and Exchange Commission had notified a potential enforcement action against Paxos. This statement was made public because it was made by the United States Securities and Exchange Commission. Paxos refutes the corporation’s claim, which was that the stablecoin is an unrecorded security. The corporation’s claim can be found in the previous sentence. Paxos questions the validity of this claim in his reply.

Binance had net multi-chain token outflows of $788.5 million over the course of twenty-four hours, as shown by numbers produced by blockchain intelligence platform Nansen. During the time period in question, this was the result of withdrawals of $2.7 billion exceeding inflows of around $1.97 billion during that time period.

According to numbers provided by Dune Analytics, this is the largest 24-hour net outflow since Dec. 17, when Binance’s proof-of-reserve audits were removed from auditor Mazars’ website. This happened when Binance’s proof-of-reserve audits were removed from the Mazars auditor’s website.

The market “handled with ease” a recent sell-off that lasted 12 hours and saw withdrawals worth “more than $1 billion,” according to the exchange spokeswoman. According to the information presented in the article, the market managed to meet this goal even though it spanned “over a billion.”