Binance.US is facing a severe decline in trading activity in September 2023, hitting a low of $5.09 million.
Binance.US halted trading for over 100 token pairs following the SEC's lawsuit.
Binance.US,
the American offshoot of the global cryptocurrency exchange Binance, is struggling
with a series of unprecedented challenges that might have led to a significant
decline in trading activity.
On
September 16, 2023, the trading volume on Binance.US plummeted to a mere $5.09
million, according to data from Amberdata on The Tie Terminal. This marks a
stark contrast from September 17, 2022, when the exchange boasted a trading
volume of approximately $230 million.
Binance.US exchange volume over the past 12 months. Source: The Tie Terminal/Amberdata
The
month of September has been particularly bleak for Binance.US, with the lowest
point recorded on September 9, when trading activity dipped to just $2.97
million. This drastic drop in trading volume is anticipated for a combination
of external and internal factors that have shaken the exchange to its core.
Binance.US’s Regulatory Troubles and SEC's Lawsuit
One
of the most significant blows to Binance.US occurred on June 5, 2023, when the U.S.
Securities and Exchange Commission (SEC) filed a lawsuit against both Binance and
Binance.US. The charges raised against the exchanges include unregistered
securities offerings, wash trading, and other violations.
The
SEC alleges that Binance.US failed to register as a broker-dealer and neglected
to register the offer and sale of its staking-as-a-service program.
In
the wake of this lawsuit, Binance.US took the extraordinary step of suspending
trading for more than 100 token pairs. This move triggered a rapid decline in
exchange activity and investor confidence.
Binance's CEO, Changpeng "CZ" Zhao, and Binance.US. In response to
speculation surrounding Shorder's departure, CZ said on X (formerly Twitter)
that the executive was taking a "deserved break."
CZ wrote: “Under
his leadership, Binance.US raised capital, improved its
product and service offerings, solidified internal processes, and gained
significant market share, all of which helped to build a more resilient company
for the benefit of customers. We are grateful for his contributions.”
SEC
Allegations of Non-Cooperation
The
challenges for Binance.US continue to mount, as the SEC has accused the
exchange of non-cooperation in the ongoing investigation. The SEC claims that
during the discovery process, Binance.US produced only 220 documents, raising
concerns about its commitment to resolving legal disputes. In a recent
development, a judge issued an order on September 15, granting the SEC's motion
to unseal documents related to the case. These documents, which were previously
sealed or redacted at the SEC's request, are now set to be made available in
the coming days, potentially shedding further light on the exchange's
activities.
The
future of Binance.US remains uncertain as it grapples with these multifaceted
challenges. Investors and industry observers are closely watching to see how
the exchange will navigate its legal troubles, rebuild its leadership team, and
regain the trust of the cryptocurrency community.
Binance.US,
the American offshoot of the global cryptocurrency exchange Binance, is struggling
with a series of unprecedented challenges that might have led to a significant
decline in trading activity.
On
September 16, 2023, the trading volume on Binance.US plummeted to a mere $5.09
million, according to data from Amberdata on The Tie Terminal. This marks a
stark contrast from September 17, 2022, when the exchange boasted a trading
volume of approximately $230 million.
Binance.US exchange volume over the past 12 months. Source: The Tie Terminal/Amberdata
The
month of September has been particularly bleak for Binance.US, with the lowest
point recorded on September 9, when trading activity dipped to just $2.97
million. This drastic drop in trading volume is anticipated for a combination
of external and internal factors that have shaken the exchange to its core.
Binance.US’s Regulatory Troubles and SEC's Lawsuit
One
of the most significant blows to Binance.US occurred on June 5, 2023, when the U.S.
Securities and Exchange Commission (SEC) filed a lawsuit against both Binance and
Binance.US. The charges raised against the exchanges include unregistered
securities offerings, wash trading, and other violations.
The
SEC alleges that Binance.US failed to register as a broker-dealer and neglected
to register the offer and sale of its staking-as-a-service program.
In
the wake of this lawsuit, Binance.US took the extraordinary step of suspending
trading for more than 100 token pairs. This move triggered a rapid decline in
exchange activity and investor confidence.
Binance's CEO, Changpeng "CZ" Zhao, and Binance.US. In response to
speculation surrounding Shorder's departure, CZ said on X (formerly Twitter)
that the executive was taking a "deserved break."
CZ wrote: “Under
his leadership, Binance.US raised capital, improved its
product and service offerings, solidified internal processes, and gained
significant market share, all of which helped to build a more resilient company
for the benefit of customers. We are grateful for his contributions.”
SEC
Allegations of Non-Cooperation
The
challenges for Binance.US continue to mount, as the SEC has accused the
exchange of non-cooperation in the ongoing investigation. The SEC claims that
during the discovery process, Binance.US produced only 220 documents, raising
concerns about its commitment to resolving legal disputes. In a recent
development, a judge issued an order on September 15, granting the SEC's motion
to unseal documents related to the case. These documents, which were previously
sealed or redacted at the SEC's request, are now set to be made available in
the coming days, potentially shedding further light on the exchange's
activities.
The
future of Binance.US remains uncertain as it grapples with these multifaceted
challenges. Investors and industry observers are closely watching to see how
the exchange will navigate its legal troubles, rebuild its leadership team, and
regain the trust of the cryptocurrency community.
Coinbase Enters Prediction Markets as the Amazonification of Financial Platforms Gathers Pace
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
