Defi

Over the past 48 hours, the trading volume on the leading decentralized exchanges (DEX) has experienced a remarkable surge of 444%, leaving crypto investors grappling with the repercussions of recent legal actions taken by the United States securities regulator against popular cryptocurrency exchanges Coinbase and Binance.According to comprehensive data compiled by CoinGecko, the combined daily trading volumes of Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum), and Pancakeswap V3 (BSC) - which collectively account for 53% of the total DEX trading volume in the last 24 hours - have surged by a staggering $792 million between June 5 and June 7.In addition to this surge, the trading volume on Curve, a prominent DEX facilitating the trade of stablecoins, experienced a notable spike of 328%. Currently, the majority of trading activity on Curve revolves around the U.S. Dollar-pegged stablecoins USD Coin ($1.00) and Tether ($1.00).During the memecoin frenzy in May, trading volumes on DEXs briefly surpassed those on Coinbase. As a result, crypto investors rushed to acquire tokens like Pepe (PEPE) and Turbo (TURBO) through Uniswap and several other decentralized protocols, given that these memecoins were not listed on major centralized exchanges.As the trading volumes on DEXs soared, Binance witnessed staggering net outflows - the discrepancy between the value of assets entering and exiting the exchange - totalling a massive $778 million. However, it is important to note that the current net outflows remain significantly lower than the exchange&#39;s total reserve. At present, Binance holds a stablecoin balance exceeding $8 billion.This market frenzy coincides with a series of legal actions by the Securities and Exchange Commission (SEC) against various crypto exchanges. On June 6, Coinbase found itself sued by the SEC, which alleged that the exchange offered unregistered securities and operated as an unregistered securities broker, among other charges.A day earlier, on June 5, Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ) were also sued by the SEC on similar grounds. The SEC claimed that Binance failed to register as a securities exchange, thereby engaging in illegal operations within the United States. Zhao, being seen as a &#34;controlling person,&#34; was named as a defendant in the lawsuit against Binance.This flurry of legal actions against crypto exchanges has stirred up the market and sent shockwaves throughout the cryptocurrency industry, prompting investors and enthusiasts alike to closely monitor the evolving landscape.

SEC Crackdown on Binance and Coinbase Surge DeFi Trading Volumes 444%

ItsBitcoinWorld

Alte articole publicate pe 7 iun. 2023

Binance exec calls MiCA a game changer at Money 20/20

Huge news !!! Lyzi partnered with Binance

Crypto Market Challenges Strengthen Amid SEC Interference: Optimistic Predictions for Bitcoin

LDO, ARB, OP Display Strength Despite Latest Regulatory Hurdle

Dedollarization accelerates

Coinbase faces SEC lawsuit over unregistered securities allegations

Join our free newsletter for daily crypto updates!