Recent developments have thrown Binance, one of the largest global exchanges, into flux. The departure of top executives from its U.S. branch, Binance.US, has sparked a wave of Fear, Uncertainty, and Doubt (FUD) within the crypto community. While the exchange initially grappled with a dip in trading volume, it has exhibited signs of recovery. However, other critical metrics paint a more complex picture of the situation.
The following chart reveals a downtrend in the volume chart of Binance’s native token, BNB. This downtrend began to materialize around September 13, with trading volume plummeting from over $500 million to approximately $300 million.
According to the most recent 24-hour data available, BNB’s trading volume has experienced a 20.54% drop, settling at $447 million, per CoinMarketCap data. Meanwhile, its market capitalization is $33 billion, with a current price of $219.32 per BNB token. Over the past day, BNB has seen a slight uptick of 0.19%.
Binance.US, the American offshoot of the global cryptocurrency giant, is grappling with unparalleled challenges that have led to a significant decline in trading activity. On September 16, 2023, the exchange witnessed a drop in trading volume, sinking to a mere $5.09 million, as reported by Amberdata on The Tie Terminal. This starkly contrasts September 17, 2022, when the exchange boasted a trading volume of approximately $230 million.
The month of September has been particularly bleak for Binance.US, hitting its lowest point on September 9, when trading activity plummeted to just $2.97 million. This drastic reduction in trading volume is attributed to external and internal factors that have shaken the exchange to its core.
One of the most significant blows to Binance.US came on June 5, 2023, when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against both Binance and Binance.US. The charges against the exchanges include allegations of unregistered securities offerings, wash trading, and other regulatory violations.
