After the U.S. Securities and Exchange Commission sued Binance and its CEO Changpeng “CZ” Zhao on Monday for violating federal securities laws, cryptocurrency traders are withdrawing the most funds since the banking crisis of March.

According to blockchain data, the crypto exchange suffered a net outflow of $503 million on Monday. This is according to a Dune Analytics graph from crypto investment product provider 21,Shares. Chart shows that traders have withdrawn over $1 billion in digital assets, as compared to $546 million of deposits.

According to 21Shares data, this is the largest daily outflow of investors since at least March, when investors were worried about failing cryptocurrency-friendly banks causing destabilizing crypto exchanges.

The data from Nansen, a crypto intelligence firm, showed that Binance had $231 million in more withdrawals within an hour following the news of the lawsuit. The data does not include bitcoin ( BTC).

Binance users’ deposits and withdrawals in the last hour (Nansen).

Although outflows have increased, it is not unusual. CoinDesk reported that in February, Binance experienced net outflows of 830 million dollars over a 24-hour period, as New York regulators took action against Binance’s stablecoin, BUSD.

According to Nansen ‘s data about exchange reserves, Binance’s digital wallets contain $55 billion in digital assets.

The outflows occurred as the SEC suit alleged that Binance, which is the largest crypto exchange in the world by trading volume breached federal securities laws. The lawsuit alleged that Binance sold unregistered crypto assets, such as BNB, BUSD, and other tokens to the public, and allowed funds from customers to be mixed.

The SEC alleges that CZ was the company’s CEO and “secretly” controlled Binance.US. Binance.US is an entity operating in the U.S. that appears to be separate. A CZ-owned CZ entity inflated Binance.US’s trading volume.

Read more: SEC Sues Binance CEO Changpeng Zhao for Multiple Securities Violations

Aoyon A. Ashraf is the editor.

Update (Jun. 5, 18:51 UTC): Adds data about daily flows by 21Shares. Updated data on daily flows from 21Shares. Update headline and lead to reflect size and scope daily net outflow.

Update (Jun.5, 17:35 UTC): Updates headline and data. Updated headline and data. Binance has added data on digital assets. Add context to prior withdrawals.