Crypto Updates

Trading Activity Hits New Lows

Binance header

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.

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.

Binance.US exchange volume over the past 12 months. Source: The Tie Terminal/Amberdata

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.

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.

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.

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.


to the turmoil, Binance.US witnessed a wave of high-level departures in recent
weeks. Brian Shorder, the former CEO
of Binance.US, stepped down
joining a growing list of global executives who parted ways with the company.
Following Shorder’s departure, the Head of Legal, Krishna Juvvadi
and the Chief Risk Officer, Sidney Majalya also announced their resignations
. Reports of Finance

suggest that these departures are linked to an ongoing investigation by the U.S.
authorities, further destabilizing the exchange’s leadership.

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…

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