Regulatory pressure from U.S. authorities has led to the lowest trading volumes on centralised crypto exchanges in over four years. A report from CCData highlighted a 15.7% drop in spot and derivatives trading volumes in May compared to April.
On June 7, a summons was issued to Binance CEO Changpeng Zhao (“CZ”) by the U.S. district court in Washington, D.C. On June 5, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance Holdings Ltd., its U.S.-based affiliate BAM Trading Services Inc., and their founder, Changpeng Zhao (“CZ”); the charges include operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls and oversight on the Binance.US platform, and the unregistered offer and sale of securities.
The Financial Conduct Authority (FCA), the UK's financial watchdog, announced new restrictions for crypto advertisers on June 7. Set to come into effect from October 8, the new rules will impose stricter regulations on the promotion of crypto services.
Top stories in the Crypto Roundup today:
- Exchange Trading Volumes Fall to Four-Year Lows Amid Regulatory Crackdown
- Binance CEO Changpeng Zhao Summoned by U.S. Court Following SEC Lawsuit
- Crypto Advertisers in the UK to Face Stricter Rules from FCA