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On The Wire: Today's Top Stories In Finance & Tech
Your daily briefing of some of the most important stories from the crypto, finance, and tech space.
Crypto Markets
DEX Trading Volume Surges Amid SEC Actions Against Major CEXs
As SEC intensifies scrutiny on centralized exchanges like Binance and Coinbase, decentralized platforms experience a surge in trading volumes.
1 min read
As the US Securities and Exchange Commission (SEC) intensifies scrutiny on centralized exchanges (CEXs), like Binance and Coinbase, decentralized exchanges (DEXs) are experiencing a surge in trading volume.
In the last 48 hours, leading DEXs recorded an average growth of 30% in trading volume, with the weekly trading figures indicating a rise of over 50%. As per CoinGecko, total trading volume on the four largest DEXs increased by around $494 million from June 1 to June 7. Among these, Uniswap V3 (Ethereum) registered a 45% increase in weekly trading volume, reaching $978 million, and a 23% rise over the past two days.
Despite these developments, there was no significant decrease in CEXs' trading volumes. However, there was a considerable net outflow of funds. As reported by Nansen, over $1.6 billion was withdrawn from Binance in the last two days, leaving a net outflow of $778 million.
The rising interest in DEXs comes as the SEC accuses Binance and Coinbase of violating US laws, with allegations of investor deception, trade turnover manipulation, and illegal securities trading.
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