Binance.US' trading volume has collapsed since March
The crypto behemoth's U.S. affiliate has seen its trading volume all but evaporate this year as its challenges compound....
- Binance.US, the American arm of cryptocurrency exchange Binance, has experienced a significant decline in its weekly trade volume.
- The drop in trade volume was worsened by charges filed by the U.S. Securities and Exchange Commission (SEC) against Binance and its affiliates, accusing them of unauthorized access to the U.S. market and declaring certain cryptocurrencies as securities.
- Binance.US announced its transition to a 'crypto-only' exchange after losing its banking partners in the U.S., indicating the impact of regulatory scrutiny on its operations.
- The departure of several executives, including the Head of Legal and Chief Risk Officer, suggests significant internal changes within Binance.US.
- Scrutiny of Binance's trading practices has increased, with allegations of wash trading and potential inaccuracies in reported trading volumes.
The article highlights the challenges faced by Binance.US due to regulatory scrutiny and internal management issues, leading to a decline in trade volume. The sentiment is negative.