Binance.US exchange volume slumps amidst crisis
Trading activity on Binance.US has reached new lows in September, as the crypto exchange has faced unprecedented challenges over the past months. ...
- Trading activity on Binance.US has reached new lows in September.
- On Sep. 16, exchange volume was $5.09 million, the lowest point for the month was on Sep. 9 at $2.97 million.
- This is a significant drop compared to Sep. 17, 2022, when trading volume was around $230 million.
- Binance.US is the offshoot in the United States of global crypto exchange Binance.
- The Securities and Exchange Commission (SEC) filed a lawsuit against both Binance exchanges on charges related to unregistered securities offerings and wash trading.
- Binance.US halted trading for over 100 token pairs after the lawsuit, leading to a decline in exchange activity.
- CEO Brian Shorder, head of legal Krishna Juvvadi, and chief risk officer Sidney Majalya have all resigned.
- The departures are allegedly due to an ongoing investigation by the U.S. Department of Justice into Binance and its CEO Changpeng "CZ" Zhao.
- The SEC accused Binance.US of non-cooperation in the investigation and a judge has granted a motion to unseal documents on the case.
The sentiment of the article is negative, as it highlights the challenges and decline in trading activity faced by Binance.US, as well as the ongoing investigations and resignations.