Binance’s Bitcoin Trading Volume Plunges 57% as Regulatory Pressure Mounts

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“The ongoing DOJ and SEC cases vs. Binance may have dissuaded market makers from trading on Binance, explaining parts of the decline,” K33 Research senior analyst Vetle Lunde said. “Some market making has probably leaked to other exchanges, but it’s still almost certain that Binance’s woes negatively impact market volumes,” he added.

Binance.US also suffered from an exodus in trading activity. Data from crypto analytics firm Kaiko shows that the weekly overall trading volume on that platform dropped to $40 million from what was nearly $5 billion earlier this year, a roughly 99% decrease.