![]() ![]() ![]() The surge in trading volume Binance US saw on June 6-it was the exchange’s busiest day within nearly a month-was likely bolstered by the SEC’s plea to freeze assets on the exchange, filing an emergency motion in court. The figure represents the lowest trading volume in at least a year. On Monday, trading volume on the exchange had fallen to just over $13 million, plummeting 94% since June 6. On June 6, the US-based exchange posted around $250 million in trading volume. Trading volume on Binance US has been in decline since June 6, the day after the SEC hit Binance, Zhao, and BAM Trading were with a litany of charges, according to CoinGecko data. The Chief Executive Officer of Binance, Changpeng Zhao, has issued a statement on Twitter on Sunday, June 18, declaring Binance Nigeria Limited a scam entity. The phony trades were allegedly conducted by the market maker Sigma Chain, an entity controlled and owned by Zhao. Binance is a leading cryptocurrency platform in the world individuals use to trade cryptocurrencies. But the SEC’s lawsuit against Binance also names its CEO Changpeng Zhao, and BAM Trading, the operating company of Binance US, which is an affiliate of the international exchange.Īmong the slew of accusations included in the SEC’s complaint against Binance, the agency alleges Binance US facilitated wash trading on its platform. “This is a massive, massive drop-off in market activity solely linked to the SEC lawsuits.”īoth companies have found themselves squarely in the SEC’s sights, subject to high-profile lawsuits unveiled weeks ago. “What we’re seeing here is the collapse of Binance US,” Director of Research at Kaiko Clara Medalie said on an analyst call. ![]() □ other exchanges making gains (LMAX, Bitstamp, Kraken) /ojX5gsUvvi □ Coinbase's down to 50% since start of 2023 #crypto exchange market is more fraught than ever. ![]()
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