Cryptocurrency exchanges set a four-year anti-record

In May, trading volume on centralized cryptocurrency exchanges dropped to a four-year low, according to analyst firm CCData. At the beginning of the year, the turnover of digital assets and derivatives began to increase, but in April, a negative trend reappeared, which continued last month. Cryptocurrency trading volume fell by 15.7% compared to April, and the value of coins sold more than tripled compared to May 2022. In May 2023, bidders made deals worth a total of $ 500 billion.

The largest decline in the turnover of digital assets was recorded on Binance. The crypto exchange’s market share fell to 4Z%. For comparison, in February, this figure reached 57%. Crypto platforms such as Bullish, Bubit, and BitMEX benefited the most from Binance 's decline in popularity, with their market share increasing by more than 1%.

A lawsuit filed by the US Securities and Exchange Commission against Binance.US and Coinbase is likely to lead to an even greater decline in trading volume on large centralized platforms. This is also evidenced by the fact that within two days after the officials went to court, the turnover of digital assets on three decentralized exchanges Uniswap, Curve, and PancakeSwap jumped by as much as 444%.

As a reminder, the US Securities and Exchange Commission, headed by Chairman Gary Gensler, has filed 13 charges against Binance and Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao. The lawsuit claims that the crypto exchange blatantly disregarded US securities laws, enriching itself by billions of dollars.

As for Coinbase, the SEC Binance-vlada-ssha-podala-v-sud-na-kryptovalyutnu-birzhu-coinbase/«>filed a lawsuit for selling unregistered securities. The agency claims that the crypto exchange has never registered as a broker, national securities exchange, or clearing agency. SEC representatives claim that the tokens listed on the exchange, including: Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO, qualify as securities.