Binance.US Hit Hard: Trading Activity Tanks 98% Amid SEC Squabble
Bitcoinist
19 Sep 2023 4:31 AM
Binance.US finds itself grappling with an array of difficult obstacles, each of which has contributed to a notable downturn in its trading operations....
- Binance.US, the American counterpart of global cryptocurrency exchange Binance, has experienced a significant decline in trading volume, dropping by 98% from January to August 2022.
- The decline in trading volume coincided with regulatory allegations and legal actions against Binance.US and its CEO Changpeng Zhao by the US Commodity Futures Trading Commission and the US Securities and Exchange Commission.
- Binance.US suspended trading for over 100 token pairs, leading to a decrease in exchange activity and investor confidence.
- The company also faced internal challenges, including the resignation of its CEO and other key executives.
- The SEC's attempt to gain access to Binance.US's software was denied by a federal magistrate judge.
The article highlights the challenges and obstacles faced by Binance.US, indicating a negative sentiment towards the platform's current situation.
You May Ask
What caused the significant decline in trading volume for Binance.US?Which regulatory bodies have taken legal actions against Binance.US and its CEO?How did Binance.US respond to the regulatory allegations and legal actions?What internal challenges did Binance.US face, and how did they impact the company?Why was the SEC denied access to Binance.US's software by a federal magistrate judge?