User activity on the leading bitcoin exchange Binance dropped sharply in September.
According to K33, the trading volume on this platform has collapsed by 57% over the past seven days compared to other exchanges. For example, spot trading on Coinbase, on the contrary, rose by 9% during the same time, the analysts emphasized.
They believe that the weakening of the activity of Binance users was the result of pressure from the regulatory authorities of several countries.
The most extensive pressure was in the United States. In June, the Securities and Exchange Commission (SEC) sued the exchange and its American branch Binance US.
In addition, Binance CEO Changpeng Zhao was also on the list of defendants. SEC accused the trading platform for processing transactions with tokens, which the regulator included in the list of unregistered securities.
Recently, it became known that the US Department of Justice also began preparing a lawsuit against Binance.
K33 Research analyst Vetle Lunde noted that market makers began to leave the exchange because of the fear that it will not be able to work in the United States.
Users are moving to other trading platforms that have not yet been subjected to regulatory crackdowns.