"I wonder why Binance's BTC trading volume is going down?"
It is already known that the crypto platform Binance has managed to dominate the cryptocurrency market due to the large trading volume it recorded, but the trading volume of spot and Bitcoin (BTC) derivatives at the company is decreasing.
Binance reportedly recorded very high trading volumes in the past few years but the volume has been seen to shrink since a lawsuit by the Commodity Trading Commission (CFTC) in March.
For the record, BTC trading volume for the BTC-USDT pair shrank by 90% on Binance shortly after the company ended zero-fee BTC trading for all trading pairs except TrueUSD (TUSD).
Although the daily trading volume on the BTC-TUSD pair has increased at $170 million, it is still lower than before.
In general, Binance made major changes to its zero-fee BTC trading program and zero-maker fee promotion to remove Binance USD (BUSD) following a crackdown by United States (US) regulators.
After the CFTC lawsuit and the end of some zero-fee trading, the Binance stock market dropped 54% from 70% in the past two weeks, where it was the lowest since November 5 last year.
BTC is currently up 2.40% to $30,819 in the last 24 hours while Ethereum (ETH) is up 10.61% at $2,121, but the price gains for both digital assets may be disrupted following the Binance issue.
