The Commodity Futures Trading Commission kicked off the week in a massive way with its lawsuit against Binance, which charged the global crypto exchange with violating U.S. derivatives trading laws. A lawsuit full of juicy details and internal messages is never good, especially just a week after Binance ended a price cut that had boosted trading volumes.
Binance had launched zero-free spot trading between popular tokens in July, but that ended on March 22. Between then and March 26, its daily spot trading volume plunged from $19 billion to $6 billion, according to data from Kaiko. In other words, customers were already turning away from Binance even before the CFTC lawsuit dropped.