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Since being sued by the US Securities and Exchange Commission (SEC) in June this year, Binance.US's business has been dramatically affected. According to TokenInsight data, the trading volume of the US platform of Binance has suffered a cliff-like decline in the past six months. In the last 90 days, Binance.US's trading volume was only $934 million, while in the previous 90 days, its trading volume was $29.336 billion, a drop of 96.8%.
In contrast, two other major US-regulated exchanges, Coinbase and Kraken, have also experienced a decline in trading volume in the past six months, but they are still within the normal range. Coinbase's trading volume in the past 90 days was around $79.89 billion, a decrease of 12.0%; Kraken's trading volume in the past 90 days was around $40.06 billion, a decrease of 10.9%.
Binance.US is in the midst of a troubled time. Last week, three executives, including CEO Brian Shroder, left the exchange, with former chief legal officer Norman Reed taking over as CEO. CZ said that Shroder had done his job and was "taking a deserved break", and in "a rapidly evolving and increasingly hostile regulatory environment", Reed, who used to work at the SEC and the New York Fed, was "the right person to lead Binance.US".
Key Points on the SEC's Lawsuit Against Binance and CZ
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