In the wake of the United States Securities and Exchange Commission’s (SEC) recent lawsuits against leading cryptocurrency exchanges, Coinbase and Binance, trading volumes on the top three decentralized exchanges (DEX) have seen an impressive leap.
Data from CoinGecko reveals that trading volumes across Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum) and PancakeSwap v3 (BSC) have grown by an astounding 444% within the past 48 hours. These DEX platforms collectively represent 53% of total DEX trading volume. Between June 5 and June 7, the platforms’ daily trading volumes rose by over $792 million.
Curve, a decentralized exchange specializing in stablecoin trades, also witnessed a surge, with volumes rising by 328%. The majority of activity on Curve revolved around USD Coin and USDT, both tied to the value of the U.S. dollar.
May’s memecoin phenomenon had previously caused a brief surge in DEX volumes, outperforming Coinbase. Investors flocked to tokens like Pepe (PEPE) and Turbo (TURBO), available on decentralized platforms like Uniswap, as they were not listed on traditional exchanges.
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Notably, amid the DEX trading boom, Binance saw net outflows—calculated as the difference between incoming and outgoing assets—reach $778 million. Still, the exchange’s overall reserves are strong, holding over $8 billion in stablecoin balances.
This trading frenzy corresponds with increased regulatory scrutiny from the SEC. On June 6, Coinbase was sued by the SEC, which claimed it offered unregistered securities and acted as an unregistered securities broker. A similar suit was filed against Binance, its U.S. arm, and CEO Changpeng Zhao on June 5. Allegations suggest Binance has been operating illegally in the U.S., having failed to register as a securities exchange, and that Zhao is a ‘controlling person’ in this scenario.
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