Major decentralized cryptocurrency exchanges (DEX) are showing growth in trading volume after the Securities and Exchange Commission (SEC) filed charges against Binance and Coinbase.
Trading volume on the leading decentralized cryptocurrency exchanges has increased by an average of 30% in the last 48 hours, and the weekly trading activity figure showed a growth of more than 50%.
According to CoinGecko, the total trading volume on the four largest DEXs went up by ~$494 million between June 1 and June 7. These are:
- Trading volume on Uniswap V3 (Ethereum) reached $978 million, showing an increase of $300 million (+45%) over the week, with a 23% surge in trading activity over the last 48 hours.
- Uniswap V3 (Arbitrum) showed a 22% increase in trading volume over the last two days, with weekly trading volume up $106 million (+51%), reaching $393 million.
- Trading volume on PancakeSwap V3 (BSC) grew by $37 million (+41%) over the last seven days and reached $126 million, with trading activity increasing by 46% over the last two days.
- Curve (Ethereum) saw a $51 million (+50%) rise in trading volume over the last week, reaching $153 million, with trading activity growing by 18% over the last two days.
Trading volume figures on CEXs didn’t show a significant decrease, but net outflow of funds from centralized crypto exchanges turned out to be considerable. According to analytical company Nansen, over the past two days, Binance users withdrew more than $1.6 billion from the platform, while the inflow of funds amounted to only $871 million. Thus, Binance recorded an outflow of funds in the amount of $778 million.
Within the last few days, the U.S. regulator accused two large centralized platforms of violating U.S. laws. The SEC charged Binance with a deception of investors and trade turnover manipulation and Coinbase with illegal trading with securities.
