Binance.US trading volume sinks amid SEC dispute

On September 16, Binance’s U.S. unit saw trading volume dip to $5.1 million amid restructuring and the departure of CEO Brian Schroeder following allegations by the SEC. For comparison, a year ago the figure stood at $230 million, according to Cointelegraph.

The month’s low of $2.97 million was reached on September 9.

On June 5, the SEC filed a lawsuit against Binance and its CEO Changpeng Zhao. The commission brought 13 charges, including the sale of unregistered securities.

On June 6, the regulator filed a motion to freeze the digital assets of the exchange’s U.S. unit.

On June 9, users lost the ability to deposit dollars, triggering sales by those wishing to withdraw funds in fiat. Against this backdrop, on the platform a discount in the Bitcoin quotes against the dollar — the figure reached about $2,200 (7.3%).

On June 17, the SEC and Binance reached an agreement on customer funds in the U.S. The exchange resumed withdrawals, though the company warned that the situation could change.

In September, following Schroeder, the branch saw the departure of the heads of the legal department Krishna Juvwadi and the risk department Sydney Majjali, according to WSJ.

Later, the SEC accused Binance.US of unwillingness to cooperate. According to the regulator, the platform’s actions violate the agreements between the parties regarding a ban on withdrawals of funds abroad.

As previously noted, according to an internal presentation, growth prospects for Binance.US are limited due to ties between the business and Zhao and the current regulatory environment.