Binance.US Trade Volume Drops 99% From $5 Billion to $40 Million
The trading volume on Binance.US has massively declined over the past few months. A recent report from Kaiko revealed that the weekly volume on the exchange had registered a 99.2% fall from its yearly high. Specifically, from $5 billion, the number was down to $40 million. Binance US's weekly trade volume has fallen from a yearly high of nearly $5bn to just $40mn. pic.twitter.com/1imacBf9cA — Kaiko (@KaikoData) September 18, 2023 As pointed out in the graph, when the market rallied in Q1, the volume settled on the exchange was fairly high. However, when the correction phase set in, things started going downhill for Binance.US. In fact, as pointed out in the graphic, the SEC’s lawsuit filing made things worse for the exchange. In Q2 2023, the SEC alleged that Binance CEO Changpeng Zhao [a.k.a. CZ] and Guangying ‘Helina’ Chen redirected billions of customer funds to firms controlled by Zhao via intermediary companies. Instead of outrightly ru...