Binance.US, the American branch of global crypto exchange Binance, is facing a significant drop in trading activity amidst ongoing legal and internal challenges.
On September 16, the exchange volume was $5.09 million, a steep decline from $230 million on the same day in 2022. The Securities and Exchange Commission (SEC) has filed a lawsuit against both Binance and Binance.US for unregistered securities offerings, wash trading, and other violations.
Since the lawsuit, Binance.US has suspended trading for over 100 token pairs, leading to a decline in exchange activity. Additionally, several executives, including the CEO, Head of Legal, and Chief Risk Officer of Binance.US, have recently resigned.
The SEC has accused Binance.US of non-cooperation in the ongoing investigation, and a judge has ordered the unsealing of documents related to the case.
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