3 Reasons Why Binance US Weekly Trade Volume Has Dropped by 99%
CryptoPotato
19 Sep 2023 11:45 PM
The Binance/SEC legal battle, the crash of the crypto market, and the ongoing FUD could be some of the factors playing a role in the falling figures....
- Binance US has experienced a significant decrease in customer withdrawals and trading volume in recent months.
- Weekly trade volumes on the platform have dropped by 99%, from nearly $5 billion in March to $40 million.
- The decline in trade volume intensified after the SEC filed a lawsuit against Binance, its CEO, and Binance US, alleging law violations and market manipulation.
- Binance US removed over 100 trading pairs following the SEC's attack.
- The overall cryptocurrency market's decline, including Bitcoin and altcoins, may have contributed to the reduced trading volume.
- Fear, Uncertainty, and Doubt (FUD) surrounding Binance and its reputation could also be a factor in the outflow of investors.
The article discusses the challenges faced by Binance US, indicating a negative sentiment due to the decrease in trade volume, SEC lawsuit, and FUD surrounding the platform.
You May Ask
What factors have contributed to the significant decrease in trade volume on Binance US?How much has the weekly trade volume on Binance US dropped compared to March?Which trading pairs were removed by Binance US following the SEC's attack?Besides Binance, which other crypto organization has been sued by the SEC?What is the CEO of Binance's response to the FUD surrounding the platform?