Defi trade volume surges 400%, following SEC’s back-to-back lawsuits

The majority of the Defi crypto exchanges saw a significant boost in trade volume activities, following the SEC’s lawsuit against the top two crypto firms.

In the last two days, the United States Securities and Exchange Commission (SEC) sued Binance, Binance subsidiary BinanceUS, and American Public crypto exchange Coinbase over alleged federal securities laws violations. 

Because of such regulatory actions against the big centralized crypto firms, the majority of crypto investors are in tension over the safety of their funds. Under this situation, the majority of crypto traders are moving toward the decentralized exchanges.

The top-ranked Defi crypto exchange Uniswap saw a net increment of $792 million worth of crypto trade volume, in the three days of the time frame. 

Also, the trading volume on Curve protocol surged by 328%, this platform is known for mainly stablecoins trading.

In the same period, Binance saw an outflow of $778 million worth of crypto assets, amid its legal hurdles with the US SEC. 

The main reason behind such fears is bad news, which came to light. As per the latest report, the SEC body is seeking regulatory approval to freeze the funds of Binance & its subsidiary, while Binance CEO Changpeng Zhao (CZ) confirmed that Binance will remain free from the US regulator’s actions.

BNB coin price 

Because of this negative news, the Binance coin (BNB) is dumped badly. Over the last 24 hours trade price, the majority of the crypto assets recovered from the sudden market crash but BNB was alone which is struggling to get back in the range of $300.

Read also: American securities body wants freeze Binance’s all funds