Binance Sees Big Drop in Bitcoin Trading Volume Amid SEC Scrutiny
Binance, one of the world’s largest cryptocurrency exchanges, has seen a sharp decline in Bitcoin trading volume over the past week. According to data from CoinMarketCap, the exchange has seen a nearly 38% decrease in Bitcoin (BTC) trading volume since April 11th. The cause of this sudden drop appears to be due in part to increased scrutiny from the US Securities and Exchange Commission (SEC).
The SEC has been particularly active in pursuing cryptocurrency-related activities and has taken notable actions against exchanges such as Binance, Kraken, and Coinbase. While there has been no official statement from the SEC related to this development, the timing of the drop in trading volume coincides with the increased scrutiny the industry has been facing in recent months.
It’s unclear how long the drop in trading volume on Binance will last, but as more companies enter the cryptocurrency industry and the regulatory climate becomes more accommodating, it is likely that the exchange will see an uptick in activity in the near future.