Bitcoin Trading Volume on Binance Falls to Lowest Level in 8 Months

On Sunday, the number of transactions on Binance fell to its lowest amount since July 4, 2022, according to the Kaiko platform.

This was due to the return of fees for BTC transactions, the lawsuit filed by the Commodity Futures Trading Commission (CFTC), and a two-hour software outage.

The data showed that the turnover of 13 trading pairs fell by about 30%, and the share of the exchange in the spot market dropped from 70% to 58%.

Furthermore, the amount of transactions in BTC paired with USDT collapsed by 90%. The US regulator has accused the trading platform of violating the legislation for participants in the derivatives market and serving traders without registration.

When the news of the CFTC lawsuit was reported, bitcoin prices dropped. As a result, Binance’s share of the spot market decreased by almost 10% in one week.