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Binance Trading Volume Dips Nearly $1B With Rumours of Investigation

Will Binance be the next Okex exchange?

Binance, one of the leader in the crypto space has now come under the scanner of the US authorities. It all began when one of the crypto-blogging websites published a report of Binance’s plans to escape the US regulations. 

However, Binance CEO CZ and Binance US CEO Catherine Coley have dismissed the report. They both accused the crypto blogging site of creating ‘FUD’ among the users in the crypto space. 

In fact, there are also rumours in the market of a probable investigation by the US authorities on the exchange. With the market which had trembled slightly, witnessed a huge plunge with all the major cryptos and DeFi tokens crashed dramatically.

Also, the trading volume on the Binance exchange dropped significantly. The exchange recorded a steep decline of nearly $1 billion in the spot-trading volume since the news has outspread in the market.

Is Binance Really Evading the US Regulations?

The report which was published, however, was dated back in 2018 when the misty clouds were wandering above the crypto space. Most of the rules and regulations were uncertain and hence considering the 2-year-old report and accusing Binance might be very early at this stage.

Conversely, Binance also has a history of controversies and issues which may add fuel to the burning issue. Going back in a little history, Binance was founded initially in China in 2017.

Later it shifted from China fearing a possible ban. Currently, in 2020, the headquarters is mentioned as Malta, but the authorities also dismissed the plea. 

Moreover, within 2017-2020, Binance changed its base location from China to Japan, later shifted to Taiwan and further Bermuda and at last Malta. With the Malta government counter-attack, the head-quarters of Binance is still sceptical.

Adding to the substance, many more acquisitions also round up the exchange over time, which is also still hazy.

Crypto Community Stands Strong Against All Odds Without Distracting Bitcoin Bull Rally

Crypto holders possess a sense of calmness despite the rumours of the world’s largest exchange’s possible investigation. It seems that the Bitcoin community is not letting any hindrance for the Bitcoin bull rally. 

Bitmex, Okex and Binance account for more than 50 percent of the total Bitcoin trading volume. And more interestingly, all the three had registered a significant event in September-October 2020.

But, despite all the odds, the Bitcoin price still stands unshakable above the $13000 mark. The three events, although impacted the Bitcoin price but did not propel a bearish trend. Therefore we can say that the Bitcoin community is highly focused on the current Bitcoin Bull rally, and hence would not allow any barrier.

Read More: Binance Trading Volume Dips Nearly $1B With Rumours of Investigation

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