Approximately $790 million was withdrawn from Binance and its American offshoot, Binance.US, over the past day, as per data analytics company Nansen. This hefty exodus comes on the heels of the U.S. Securities and Exchange Commission's (SEC) lawsuit against both exchanges.

On the ethereum blockchain, Binance experienced a net outflow of cryptocurrency tokens totaling $778.6 million, while its U.S. counterpart, Binance.US, registered net outflows amounting to $13 million, Nansen announced via Twitter.

Neither Binance nor its American affiliate were immediately available for comment.

The SEC launched a lawsuit on Monday against Binance, its CEO Changpeng Zhao, and the entity managing Binance.US. The regulator accused them of contriving a "web of deception" to circumvent U.S. regulations.

The SEC's 13-point charge alleges that Binance manipulated its trading volumes, misdirected client funds, did not prohibit U.S. users from accessing its platform, and provided misleading information about its market surveillance protocols.

This legal action, which highlights practices that were first brought to light by a series of Reuters investigations, represents the SEC's most significant maneuver against a cryptocurrency entity amid its comprehensive regulatory clampdown on the sector this year.

In a series of statements on Monday, Binance declared it has actively cooperated with the SEC's inquiries and made a concerted effort to address their queries and appease their concerns. This includes engaging in talks for a negotiated resolution. The company reaffirmed its commitment to vigorously defend its platform, as stated in its blog.

CRYPTO INDUSTRY UNDER SIEGE Bitcoin steadied its course after plunging over 5% on the previous day, marking its most substantial daily downturn since April 19. Despite remaining flat on the day, the world's most valuable cryptocurrency hovered near a two-month nadir at $25,723.

Tony Sycamore, market analyst at IG Markets, views the SEC lawsuit as another setback for global crypto exchanges and the broader cryptocurrency industry.

Binance's own digital currency, BNB, the fourth-largest globally, took a hit, falling 0.3% to a near three-month low of $277 following Monday's 9.2% drop - its steepest daily tumble since November.

This SEC suit adds to Binance's growing list of legal challenges. The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against the company in March, accusing it of running an "illegal" exchange and a deceptive compliance program. CEO Zhao has contested these allegations as an "incomplete recitation of facts."