Cardano

Apple

<div class="cryptonews">
 <p class="is-style-lead">Binance, one of the world’s leading crypto exchanges, has seen its <a rel="noopener noreferrer nofollow" title="average" href="https://thebittimes.com/tag/average.html">average</a> <a rel="noopener noreferrer nofollow" title="daily" href="https://thebittimes.com/tag/daily.html">daily</a> trading <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>s plunge below $10 billion in recent weeks, a 60% decline from <a rel="noopener noreferrer nofollow" title="average" href="https://thebittimes.com/tag/average.html">average</a>s between $20-30 billion last year.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">The US is seeking $4bn from #Binance to end its case.<br><br>Daily trade volume on the exchange has fallen to under $10bn/day, down from $20-30bn. pic.twitter.com/PwZaSHpJA2</p>— Kaiko (@KaikoData) November 20, 2023
   </blockquote>
  </div>
 </figure>
 <p>The drop comes as Binance is under intense regulatory scrutiny and slapped with a $4 billion penalty from the U.S. Department of Justice (DOJ) as a settlement for all allegations involving violation of federal security laws.</p>
 <p>According to blockchain data analytics platform Kaiko, Binance facilitated most of its 2022 trading volumes by offering zero-fee transactions. The freewheeling model was halted early this year but has not prevented trading activity from contracting.</p>
 <p>Amid intense legal scrutiny from the U.S., <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>s have been evaporating even without charges being formally applied by the DOJ as of Nov. 20.</p>
 <p>While the $4 billion fine is hefty, Binance will likely enter a deferred prosecution agreement with the U.S. government, which might permit them to pay fines within two years.</p>
 <p>Nonetheless, coming up with $4 billion in penalties while pivoting its business model to comply with intensified regulations worsened by dropping trading <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>, Kaiko notes, may pose significant challenges for Binance.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Solana, Cardano mentioned widely in SEC’s lawsuit against Kraken
 </div>
 <p>As it is, the steep <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> drop suggests traders and protocols have been moving away from the BNB Chain and Binance in response to the legal uncertainty. In light of this and as evidenced from Kaiko’s data, rival exchanges that emphasize regulatory compliance in major jurisdictions, including the U.S. and others, may be positioned to capture Binance’s market share.</p>
 <p>Besides the fine, Binance’s CEO, Changpeng Zhao, also potentially faces direct criminal charges that he has to settle with the U.S. government.</p>
 <p>In June 2023, the SEC sued Binance and Zhao. The lawsuit included 13 charges, among them the sale of unregistered securities.</p>
 <p>Soon after, the regulator requested that Binance.US’s digital assets be frozen. As a result, users lost the ability to deposit USD, which caused a rush of sales from those who wished to withdraw funds in fiat.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Apple hit with lawsuit for blocking crypto in P2P payments
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-average-daily-volume-is-down-by-60-amid-doj-s-4b-fine-tbt71072.html">https://thebittimes.com/binance-average-daily-volume-is-down-by-60-amid-doj-s-4b-fine-tbt71072.html</a></p>

Binance average daily volume is down by 60% amid DOJ’s $4b fine

TheBitTimes

Other articles published on Nov 21, 2023

11.4 Million ADA Wallet Votes for Governance: Cardano Foundation Backs Move

Wall Street Surges with Microsoft Leading the Rally

AI’s Transition into a Cloud Workload

Elon Musk's Tweet Launches Numerous Crypto AI Meme Coins

Bitcoin Price Prediction: Bulls Challenge $38k Resistance, Next BTC Stop $41k?

AI Startup Challenges Elon Musk’s Views on Future of Work

Join our free newsletter for daily crypto updates!