The lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Binance.US in June 2023 has fundamentally shaken the exchange’s operations in America. Following the lawsuit, Binance.US suspended the trading of over 100 token pairs.
Regulatory pressures have led to a significant decline in the exchange’s trading activities as of September 2023. According to reports from Amberdata on The TIE Terminal, the trading volume of the exchange dropped to just 5.09 million dollars on September 16th.
September 9th Marked the Lowest Activity of the Month
The month of September paints a grim picture for Binance.US, the American arm of the global crypto exchange Binance. Specifically, the lowest point of the month was observed on September 9th, when trading activity was just $2.97 million. This represents a significant decline compared to the same period last year. The severe drop in trading volume is attributed to a combination of external and internal factors.
The SEC accuses Binance.US of not complying with regulations, including allegations related to unregistered securities offerings, fraudulent trading, and other violations. The SEC also points out that Binance.US failed to register as a broker-dealer and neglected to register its staking programs.