Crypto trading volume plunges badly on BinanceUS amid its legal conflict with regulators
BinanceUS is struggling badly as the trade volume plunged amid a battle with two top American financial regulators.
BinanceUS is an American subsidiary of the Binance crypto exchange. In Q3 2019, the BinanceUS exchange was launched in America. To remain away from the regulatory heat, the exchange tried to hire former government officials to maintain better relationships with regulatory bodies but failed, as the Securities & Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) sued BinanceUS over unregistered crypto offerings in the country.
9 Sep 2023, The total crypto volume was $2.97 million, lowest in the September month. On 16 Sep, the trade volume was $5.09 million.
Now the current trade volume on the BinanceUS platform is $14.5 million.
BinanceUS succeeded in grabbing some increment in the trading volume, following the latest move by the exchange.
On 15 Sep, Binance CEO Changpeng Zhao (CZ) informed the crypto community that Norman Reed – former SEC, New York Fed, Ripple, and DTCC executive – is now the BinanceUS CEO and he will easily handle the company’s operations perfectly under the current hostile condition.
There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product…
— CZBinance (@cz_binance) September 15, 2023
Following the SEC’s suit, BinanceUS delisted nearly 100+ crypto assets trade pairs from the platform, to comply with the regulator’s demand. Currently, BinanceUS & SEC are fighting against each other on behalf of evidence & facts in the court.
It is worth it to note that here BinanceUS is not alone, Coinbase, another top American crypto exchange also is in legal conflict with the US SEC but the Coinbase team decided not to delist crypto assets from the platform.
Read also: JPEX crypto exchange facing liquidity crisis, is it the next FTX?
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