The lowest point for the month was on September 9, when trading activity totalled $2.97 million

Trading activity on Binance.US has reached new lows in September as the crypto exchange faces extraordinary challenges. On September 16, exchange volume sat at $5.09 million on Binance.US, as reported by Amberdata on The TIE Terminal.

The lowest point for the month was on September 9, when trading activity totalled $2.97 million. This is a considerable decline compared to September 17, 2022, when its trading volume was near $230 million.

Binance.US is the offshoot in the US of global crypto exchange Binance. On June 5, the SEC filed a lawsuit against both crypto exchanges on charges related to unregistered securities offerings, and wash trading, among other breaches. As per the Securities and Exchange Commission, Binance.US allegedly failed to register as a broker-dealer and failed to register the offer and sale of its staking-as-a-service programme.

Since the lawsuit, Binance.US stopped trading for more than 100 token pairs, contributing to a steep drop in exchange activity.

Binance.US tumult also comes with internal challenges. Brian Shorder, then-Chief Executive Officer of Binance.US, resigned last week, joining several other global executives who left the group of companies over the past weeks. After Shorder’s exit, Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya announced their resignations as well.

According to reports, the departures are allegedly because of an ongoing investigation by the U.S. DoJ into Binance, its Chief Executive Officer Changpeng Zhao, and Binance.US. In response to speculation surrounding Shorder’s exit, Zhao said on X (formerly Twitter) that the executive was taking a “deserved break.”

He wrote: Under his leadership, Binance.US raised capital, enhanced its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a stronger firm for the benefit of customers. We are grateful for his contributions.