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Binance, one of the world’s largest cryptocurrency exchanges, has seen a significant drop in the volume of Bitcoin trading in recent weeks as the US Securities and Exchange Commission (SEC) cracks down on unregulated digital asset investing.
Binance, established in 2017, has seen its Bitcoin trading volume plummet from its peak of over $11 billion per day in mid-March to just over $1 billion per day in April. This is a 91 percent drop compared to its all-time high and follows the steep sudden declines in Bitcoin prices over the past two weeks.
The SEC has recently stepped up its enforcement efforts, shutting down companies that offer unregulated investments and services related to digital assets. In particular, the Commission has fined companies for issuing unregistered securities and failing to report suspicious activity.
Given the current regulatory scrutiny, investors may be hesitant to engage in Bitcoin and other digital asset trading on Binance, as they may be uncertain about the degree of SEC enforcement. While the exact cause of the drop in trading volumes on Binance is unclear, this decreased level of activity likely points to investor uncertainty about the regulatory landscape.