Trading volume on Binance.US collapsed amid conflict with SEC


On September 16, the trading turnover of the American division of Binance dropped to $5.1 million amid restructuring and the departure of CEO Brian Schroeder after claims SEC. For comparison, a year ago the figure was $230 million, writes Cointelegraph.

The minimum ($2.97 million) for this month was reached on September 9.

Data: Amberdata, Cointelegraph.

On June 5, the SEC filed a lawsuit against Binance and its CEO Changpeng Zhao. The commission brought 13 charges, including the sale of unregistered securities.

On June 6, the regulator sent a request to freeze the digital assets of the American division of the exchange.

On June 9, users lost the ability to deposit dollars, which caused sales from those wishing to withdraw funds in fiat. Against this background, a discount has formed on the platform in Bitcoin quotes paired with the dollar – the figure reached ~$2200 (7.3%).

On June 17, the SEC and Binance entered into an agreement regarding client funds in the United States. The exchange resumed the withdrawal of assets, but the company warned that the situation could change.

In September, Schroeder was followed by the departure of the head of the legal department, Krishna Juvvadi, and the head of the risk department, Sidney Majalya, according to the WSJ.

The SEC later accused Binance.US of being uncooperative. According to the regulator, the platform’s actions violate agreements between the parties prohibiting the withdrawal of funds abroad.

As a reminder, according to an internal exchange presentation, Binance.US’ growth opportunities are limited due to the business’s ties to Zhao and the current regulatory environment.

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