As Binance.US grapples with increasing scrutiny from US regulators, the cryptocurrency exchange’s trading volume has seen a decline of over 98% from January 2022 and is on track to drop further in September.
According to data from CCData, the US subsidiary of the leading cryptocurrency exchange registered a trading volume of $115.7 million until September 15, while in August it boasted a volume exceeding $286 million.
The downtrend follows lawsuits filed by the Securities and Exchange Comission(SEC) and the Commodity Futures Trading Commission (CFTC) against Binance, its US subsidiary Binance.US, and co-founder Changpeng “CZ” Zhao.
The allegations revolved around operating an unauthorized exchange, dealing in unregistered securities, violating commodities regulations, and potential mishandling of customer funds.
While Binance has been contesting these charges in court, Binance.US has lost its banking support, suspended US dollar deposits, and underwent a series of layoffs since the legal battles started, with several high-level executives departing.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/sep/19/
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