Investors pull $1.6 billion from Binance after CFTC lawsuit

FILE PHOTO: A composition showing crypto currency with the Binance logo. Picture taken on Nov. 10, 2022. REUTERS/Dado Ruvic/File Photo

LONDON (Reuters) - Investors withdrew $1.6 billion of cryptocurrency from crypto exchange Binance since it was sued by the U.S. CFTC on Monday, blockchain data tracker Nansen said on Wednesday.

The U.S. Commodity Futures Trading Commission (CFTC) sued Binance - the world's biggest crypto exchange - along with its CEO and former top compliance executive, alleging that they were operating an "illegal" exchange and a "sham" compliance program.