Binance average daily volume is down by 60% amid DOJ’s $4b fine
Binance, one of the world’s leading crypto exchanges, has seen its average daily trading volume s plunge below $10 billion in recent weeks, a 60% decline from average s between $20-30 billion last year. The US is seeking $4bn from #Binance to end its case. Daily trade volume on the exchange has fallen to under $10bn/day, down from $20-30bn. pic.twitter.com/PwZaSHpJA2 — Kaiko (@KaikoData) November 20, 2023 The drop comes as Binance is under intense regulatory scrutiny and slapped with a $4 billion penalty from the U.S. Department of Justice (DOJ) as a settlement for all allegations involving violation of federal security laws. According to blockchain data analytics platform Kaiko, Binance facilitated most of its 2022 trading volumes by offering zero-fee transactions. The freewheeling model was halted early this year but has not prevented trading activity from contracting. Amid intense legal scrutiny from the U.S., volume s have been evaporating even without charges b...