Binance US sees a huge drop in trading after legal issues and top executive exits, raising concerns about its future in the market.
Binance US, a top crypto exchange, is facing many issues which have caused a big drop in its trading.
These problems have changed the way people see the platform, making some wonder about its future.
In 2022, Binance US trading dropped by 98% from January to August, says research firm CCData. More declines might come in September.
Over a weekend, Binance US's trading went down to $5.09 million. In comparison, it was $230 million on September 17, 2022.
This drop happened after US officials accused Binance's CEO, Changpeng Zhao, of breaking rules.
In June, US financial regulators started legal actions against Binance US and its CEO for different wrongdoings, including not being honest about their trading system.
After the legal trouble, Binance US stopped trading many cryptocurrencies. This made trading go down while some people lost trust in the company.
Also, the company saw big changes. Its CEO, Brian Shorder, and other top executives left the company.
The SEC, highlighted that more people are leaving Binance US making it urgent to find out the problems fast.
However, the SEC also faced a problem. A judge stopped them from checking Binance US's software. The SEC has been struggling to get information from Binance US since June.
The SEC wanted to check Binance US's communications systems. They also wanted more details from the company.
Data from Coinpaprika shows that Binance US's trading was about $10.5 million on Monday. But the biggest US exchange, Coinbase Global Inc., had a trading volume of $948 million.
