Binance, one of the world’s largest crypto exchanges, has seen a sharp decline in trading volumes for Bitcoin (BTC) as the U.S. Securities and Exchange Commission (SEC) intensifies its scrutiny of cryptocurrency exchanges.
Data from CoinMarketCap, which tracks digital asset markets, shows that average daily trading volume for Bitcoin on Binance is down nearly 25% from its March peak of $8.9 billion to just $6.7 billion as of mid-July. The drop in trading volume comes amid reports that the SEC has sent notices to several cryptocurrency exchanges, including Binance, as part of an investigation into potential market manipulation.
The SEC’s scrutiny of the crypto space has been a source of concern for many industry participants, as the agency has recently taken a more aggressive stance against cryptocurrency exchanges and other businesses. Despite the recent decrease in trading volumes, Binance is still one of the largest crypto exchanges by trade volume, and it remains one of the most trusted exchanges in the space.
