Binance’s Bitcoin Trading Volume Plunges 57% as Regulatory Pressure Mounts
CoinDesk
19 Sep 2023 5:11 PM
Coinbase may be a beneficiary, with volumes at that exchange higher by 9% this month....
- Bitcoin (BTC) trading volumes on Binance have decreased by 57% since the beginning of September, while volumes on Coinbase have increased by 9%.
- Binance is facing regulatory scrutiny and lawsuits, leading to a decline in trading activity.
- The U.S. Department of Justice (DOJ) is reportedly considering charges against Binance, and the Securities and Exchange Commission (SEC) has sued Binance and its founder.
- Market makers may be avoiding trading on Binance due to the ongoing legal cases, leading to a decrease in market volumes.
- Binance.US has also experienced a significant decrease in trading activity, with a 99% decrease in weekly overall trading volume.
The article highlights the decline in Bitcoin trading volumes on Binance due to regulatory scrutiny and lawsuits, indicating a negative sentiment towards the exchange.
You May Ask
What is the percentage decrease in Bitcoin trading volumes on Binance since the beginning of September?How much have volumes on Coinbase increased over the same period?Which regulatory bodies are involved in the cases against Binance?What is the reason for the decline in market volumes on Binance?How much has the trading volume on Binance.US decreased this year?