Binance.US is facing a severe decline in trading activity in September 2023, hitting a low of $5.09 million.
Binance.US halted trading for over 100 token pairs following the SEC's lawsuit.
Binance.US,
the American offshoot of the global cryptocurrency exchange Binance, is struggling
with a series of unprecedented challenges that might have led to a significant
decline in trading activity.
On
September 16, 2023, the trading volume on Binance.US plummeted to a mere $5.09
million, according to data from Amberdata on The Tie Terminal. This marks a
stark contrast from September 17, 2022, when the exchange boasted a trading
volume of approximately $230 million.
The
month of September has been particularly bleak for Binance.US, with the lowest
point recorded on September 9, when trading activity dipped to just $2.97
million. This drastic drop in trading volume is anticipated for a combination
of external and internal factors that have shaken the exchange to its core.
Binance.US’s Regulatory Troubles and SEC's Lawsuit
One
of the most significant blows to Binance.US occurred on June 5, 2023, when the U.S.
Securities and Exchange Commission (SEC) filed a lawsuit against both Binance and
Binance.US. The charges raised against the exchanges include unregistered
securities offerings, wash trading, and other violations.
The
SEC alleges that Binance.US failed to register as a broker-dealer and neglected
to register the offer and sale of its staking-as-a-service program.
In
the wake of this lawsuit, Binance.US took the extraordinary step of suspending
trading for more than 100 token pairs. This move triggered a rapid decline in
exchange activity and investor confidence.
Binance's CEO, Changpeng "CZ" Zhao, and Binance.US. In response to
speculation surrounding Shorder's departure, CZ said on X (formerly Twitter)
that the executive was taking a "deserved break."
CZ wrote: “Under
his leadership, Binance.US raised capital, improved its
product and service offerings, solidified internal processes, and gained
significant market share, all of which helped to build a more resilient company
for the benefit of customers. We are grateful for his contributions.”
SEC
Allegations of Non-Cooperation
The
challenges for Binance.US continue to mount, as the SEC has accused the
exchange of non-cooperation in the ongoing investigation. The SEC claims that
during the discovery process, Binance.US produced only 220 documents, raising
concerns about its commitment to resolving legal disputes. In a recent
development, a judge issued an order on September 15, granting the SEC's motion
to unseal documents related to the case. These documents, which were previously
sealed or redacted at the SEC's request, are now set to be made available in
the coming days, potentially shedding further light on the exchange's
activities.
The
future of Binance.US remains uncertain as it grapples with these multifaceted
challenges. Investors and industry observers are closely watching to see how
the exchange will navigate its legal troubles, rebuild its leadership team, and
regain the trust of the cryptocurrency community.
Binance.US,
the American offshoot of the global cryptocurrency exchange Binance, is struggling
with a series of unprecedented challenges that might have led to a significant
decline in trading activity.
On
September 16, 2023, the trading volume on Binance.US plummeted to a mere $5.09
million, according to data from Amberdata on The Tie Terminal. This marks a
stark contrast from September 17, 2022, when the exchange boasted a trading
volume of approximately $230 million.
The
month of September has been particularly bleak for Binance.US, with the lowest
point recorded on September 9, when trading activity dipped to just $2.97
million. This drastic drop in trading volume is anticipated for a combination
of external and internal factors that have shaken the exchange to its core.
Binance.US’s Regulatory Troubles and SEC's Lawsuit
One
of the most significant blows to Binance.US occurred on June 5, 2023, when the U.S.
Securities and Exchange Commission (SEC) filed a lawsuit against both Binance and
Binance.US. The charges raised against the exchanges include unregistered
securities offerings, wash trading, and other violations.
The
SEC alleges that Binance.US failed to register as a broker-dealer and neglected
to register the offer and sale of its staking-as-a-service program.
In
the wake of this lawsuit, Binance.US took the extraordinary step of suspending
trading for more than 100 token pairs. This move triggered a rapid decline in
exchange activity and investor confidence.
Binance's CEO, Changpeng "CZ" Zhao, and Binance.US. In response to
speculation surrounding Shorder's departure, CZ said on X (formerly Twitter)
that the executive was taking a "deserved break."
CZ wrote: “Under
his leadership, Binance.US raised capital, improved its
product and service offerings, solidified internal processes, and gained
significant market share, all of which helped to build a more resilient company
for the benefit of customers. We are grateful for his contributions.”
SEC
Allegations of Non-Cooperation
The
challenges for Binance.US continue to mount, as the SEC has accused the
exchange of non-cooperation in the ongoing investigation. The SEC claims that
during the discovery process, Binance.US produced only 220 documents, raising
concerns about its commitment to resolving legal disputes. In a recent
development, a judge issued an order on September 15, granting the SEC's motion
to unseal documents related to the case. These documents, which were previously
sealed or redacted at the SEC's request, are now set to be made available in
the coming days, potentially shedding further light on the exchange's
activities.
The
future of Binance.US remains uncertain as it grapples with these multifaceted
challenges. Investors and industry observers are closely watching to see how
the exchange will navigate its legal troubles, rebuild its leadership team, and
regain the trust of the cryptocurrency community.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24