Bitcoin trading volume on Binance drops to 8-month low

A few days ago you could read in the crypto news that Binance, the largest crypto exchange in the world, had put an end to free trading for some bitcoin (BTC) trading pairs after a period of nine months. This decision led to its lowest bitcoin trading volume on Sunday since July 4, 2022.

BTC trading volume on Binance is drying up

Data from Kaiko shows that volume for 13 trading pairs, which once accounted for about 60% of the exchange’s volume, has fallen to about 30%. In addition, the crypto exchange’s global market share, which peaked at over 70%, has dropped to around 58%. In fact, the average volume for the BTC-USDT trading pair has dropped by a total of 90%.

Before the introduction of free trading in some bitcoin trading pairs on the exchange platform, Binance had a market share of 50%. It is therefore entirely justified to conclude that it was a smart move by the exchange led by Changpeng Zhao (CZ) at the time.

However, the discontinuation of free trading does not apply to free trading between bitcoin and the TrueUSD (TUSD) stablecoin. Kaiko’s report said the following about this:

“It is unclear why Binance chose to promote its TUSD trading pair, although it appears that the exchange has chosen the stablecoin as the successor to Binance USD (BUSD), which is being phased out due to regulatory action in the US.”

Binance sued by CFTC

Earlier today you could read that Binance, its CEO Changpeng Zhao (CZ) and its COO Samuel Lim have been charged by the Commodity Futures Trading Commission (CFTC). The American financial watchdog claims that the world’s largest crypto exchange has been deliberately circumventing US legislation for years. As a direct result of this news, the bitcoin price fell by more than 3%.

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