Binance.US’ trading volume has collapsed since March

Sep. 19, 2023

By Jacob Oliver

The crypto behemoth's U.S. affiliate has seen its trading volume all but evaporate this year as its challenges compound.

Binance.US‘ weekly trade volume has plunged dramatically from an annual high of nearly $5 billion to a mere $40 million, crypto data firm Kaiko tweeted on Sep 18.

This drop was exacerbated in June by extensive charges filed by the U.S. Securities and Exchange Commission (SEC) against Binance and its affiliates. The SEC accused Binance of multiple violations, including unauthorized access to the U.S. market, and declared several cryptocurrencies, including Binance’s BNB and BUSD, as securities.

Furthermore, Binance.US announced its transition to a ‘crypto-only’ exchange in June after losing its banking partners in the U.S. This regulatory scrutiny has doubtlessly impacted Binance.US’s operations and its trading volume.

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