Share this article
Binance’s Bitcoin Trading Volume Plunges 57% as Regulatory Pressure Mounts
Coinbase may be a beneficiary, with volumes at that exchange higher by 9% this month.
Updated Sep 20, 2023, 4:59 p.m. Published Sep 19, 2023, 5:11 p.m.
Bitcoin trading volumes on Binance have tumbled this month as lawsuits and regulatory scrutiny mount on the world’s largest crypto exchange.
According to K33 Research, Binance’s 7-day average spot BTC volume is down 57% since the beginning of September versus roughly flat readings at a number of other exchanges. Volumes at U.S.-based competitor Coinbase are higher by 9% over this period.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The dramatic decline comes as Binance is in the crosshairs of regulators around the world following a string of lawsuits, license rejections and voluntary withdrawals. Prosecutors at the U.S. Department of Justice (DOJ) are reportedly weighing charges against the company, while the Securities and Exchange Commission (SEC) three months ago sued Binance, the exchange’s U.S entity Binance.US and founder Changpeng “CZ” Zhao, alleging multiple federal securities laws.
“The ongoing DOJ and SEC cases vs. Binance may have dissuaded market makers from trading on Binance, explaining parts of the decline,” K33 Research senior analyst Vetle Lunde said. “Some market making has probably leaked to other exchanges, but it's still almost certain that Binance's woes negatively impact market volumes,” he added.
Binance curbed on Sep. 7 its zero-fee promotion for BTC trading with TrueUSD (TUSD) stablecoin, one of the most liquid trading pairs on the platform, which may have contributed to the decline.
Binance.US also suffered from an exodus in trading activity. Data from crypto analytics firm Kaiko shows that the weekly overall trading volume on that platform dropped to $40 million from what was nearly $5 billion earlier this year, a roughly 99% decrease.
UPDATE (Sep. 19, 18:07 UTC): Adds Binance's curb on zero-fee promotion for TUSD.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
XRP Slides as Traders Take Bitcoin Profits, With ETF Flows Still Strong
Institutional flows surged 54% above the weekly average, indicating strategic selling rather than retail panic.
What to know:
- XRP fell from $2.09 to $2.00, marking a 4.3% decline and underperforming the broader crypto market.
- Institutional flows surged 54% above the weekly average, indicating strategic selling rather than retail panic.
- Despite ETF inflows, XRP struggles to break the $2.09–$2.10 resistance, maintaining a tight trading range.
Top Stories
