Binance volume is dead

[bananahunter67]

Since about almost a week. Any idea what is going on? The iOS app problems, the USA customers going away?

Most of the coins are under 100 BTC daily volume, before there were at most 10 such markets. Now it's impossible to trade.

[dark08]

Volume is dead are you sure? But in my personal observation people are switching to Binance Dex regarding to IOS app problems I open a support to Binance angels and said it will fix as soon as possible for the meantime you use Binance in the browser.

[samcrypto]

You might be looking on the phishing site of Binance, be careful on that mate.
 
Binance are still trading at a huge volume, its impossible to trade on Binance if you’re living in USA beside that everything is working fine. There might be a small problem but I guess it can’t affect the real volume.

[Furious 7]

Very sorry to see it.
I think binance is too busy with the IEO and loses in competition with other exchanges. but I still see great potential with IEO binance.

[leowonderful]

Looking at a bit of historical volume information from coinlib.io (click for link here), it definitely does seem like volume's trending downwards but I don't think it's gone down as much as you claim. CoinGecko (click for link) also confirms this.

[btc_angela]

Hmmm, it could be down but I don't think that it will go that low. The market has taken a respite as well, just look at the trading volume, it doesn't have that much height and weight when we're in the bullish trend.

[sheenshane]

The word you used "dead" maybe that is worst. I saw it also but maybe due to a lot of new altcoins listed recently on binance maybe that can affect to the trade volume. But if not, I am sure it will come back because Binance has a good volume before and no doubt until now still good to trade. A good thing to know there's a lot of new altcoins listed on Binance recently.

[bananahunter67]

The drop in the BTC markets is really insane. I am not using a phishing site at all, it's not just me who has mentioned this, on Tweeter there are discussions about it.

I don't use neither the site nor the app as I use bot. But my bot should normally provide a few trades each second day or so, because it is set up to ignore all markets with daily volume of below 100 BTC. Usually that accounts just for a few of them, now these are most of them. It just can't trade. I have been monitoring binance for almost half a year and I am aware of it normal balance, what we are experiencing currently is not a normal temporary drop in volume, this is is super sharp huge drop in the volume of all alts which yes, I consider death - (wouldn't you consider "death" or write off for trading any coin with volume of 5-20 BTC daily volume)? I am not sure about the reason, but I am really concerned about it. Binance starts to remind me of Cryptsy...

Binance is also already on seconds place by volume after OKEX (was even on 7th a few days ago): https://coinmarketcap.com/rankings/exchanges/

They claimed US users account for 15% of the traffic, I hope it will not be lost at all after US will leave.

[johanesrobin]

I don't believe in the issue that the OP spreads, it looks fud. binance has a large trading volume. Other exchanges do not have popularity like binary, binance has safu so traders feel safe.

[timerland]

Binance is less focused on volume and profiting off their exchange in that way, but more focused on profiting and growing their launchpad. If you see what CZ is talking about nowadays, it's mostly about the new projects being listed on the launchpad, and him discussing the growth of it.

Other than this, there are a lot of other reasons why. Recently when BTC grew from the sub 5000 range to over 10k, most of the money that came into the market was in BTC, which is showing BTC dominance at an all-time high, and when BTC rose, there weren't a lot of alts that rose as much as BTC, which is likely a sign that new investors are really only interested in BTC.

I think altcoin trading (except IEOS), have all gone down since last year.

[monalia]

Whenever they plan to launcher new project on their platform binance launchpad. Dos times we can see e governance volume and circulation has been increased tremendously than normal time.
until they use their launchpad platform I believe they will never lose complete volume in dead state.

[carlfebz2]

Since about almost a week. Any idea what is going on? The iOS app problems, the USA customers going away?

Most of the coins are under 100 BTC daily volume, before there were at most 10 such markets. Now it's impossible to trade.

Using the word "dead" and going "low" is different so i don't know why you say that the volume is dead.It might head go down but doesn't mean or comes to a point where it go low.
I cant see any exchange for it to replace on top tier spot but when it regards to Binance late issues a possible thing might happen but i do see it wont really be that simple.

[squatter]

Since about almost a week. Any idea what is going on? The iOS app problems, the USA customers going away?

Most of the coins are under 100 BTC daily volume, before there were at most 10 such markets.

As it turns out, Binance has been caught faking volume just like so many other exchanges. Maybe those wash trading bots have been turned off. No FUD intended, but that's what I would expect to happen if they were under heavy regulator scrutiny, like from the CFTC.

[joniboini]

As it turns out, Binance has been caught faking volume just like so many other exchanges. Maybe those wash trading bots have been turned off. No FUD intended, but that's what I would expect to happen if they were under heavy regulator scrutiny, like from the CFTC.

It seems like this news is not viral yet. I don't see a lot of the so-called spot on news channel talking about this. This is not surprising though, especially seeing how every IEOs always got pumped real hard on their first listing and then gradually lose its momentum.

Seems like they always use the bot to pump the price and then allows retail buyers to buy at the top.

[malevolent]

As it turns out, Binance has been caught faking volume just like so many other exchanges. Maybe those wash trading bots have been turned off. No FUD intended, but that's what I would expect to happen if they were under heavy regulator scrutiny, like from the CFTC.

It's often not even exchanges themselves participating in wash trading, but teams behind tokens/altcoins/whatever to lend greater legitimacy/social proof of their projects. I don't know about Binance but most exchanges also have minimal monthly (or daily averaged over the whole month) trading volumes, too low and the altcoin/token is bound to get delisted.

[squatter]

As it turns out, Binance has been caught faking volume just like so many other exchanges. Maybe those wash trading bots have been turned off. No FUD intended, but that's what I would expect to happen if they were under heavy regulator scrutiny, like from the CFTC.

It's often not even exchanges themselves participating in wash trading, but teams behind tokens/altcoins/whatever to lend greater legitimacy/social proof of their projects. I don't know about Binance but most exchanges also have minimal monthly (or daily averaged over the whole month) trading volumes, too low and the altcoin/token is bound to get delisted.

If Binance is turning a blind eye to wash trading -- implicitly allowing it on their exchange -- is that so much better than doing it themselves? I'm not sure exactly what their legal obligations are, but they ought to tread carefully. The CFTC regulates wash trading and has asserted that they don't merely have jurisdiction over Bitcoin markets, but rather all virtual currency markets. Being such a large exchange, I'm sure Binance has the CFTC and other regulators breathing down their neck.

Stamping out most of the wash trading before public scrutiny surfaces might be a smart move.

[malevolent]

If Binance is turning a blind eye to wash trading -- implicitly allowing it on their exchange -- is that so much better than doing it themselves? I'm not sure exactly what their legal obligations are, but they ought to tread carefully. The CFTC regulates wash trading and has asserted that they don't merely have jurisdiction over Bitcoin markets, but rather all virtual currency markets. Being such a large exchange, I'm sure Binance has the CFTC and other regulators breathing down their neck.

Stamping out most of the wash trading before public scrutiny surfaces might be a smart move.

Any and all wash trading is obviously in the interest of an exchange, hard to say no to extra money, when they don't even know if their business is going to be around 3-5 years from now in this uncertain regulatory climate. CFTC is just another reason why Binance(and other exchanges) are banning US users from their exchange.

[squatter]

If Binance is turning a blind eye to wash trading -- implicitly allowing it on their exchange -- is that so much better than doing it themselves? I'm not sure exactly what their legal obligations are, but they ought to tread carefully. The CFTC regulates wash trading and has asserted that they don't merely have jurisdiction over Bitcoin markets, but rather all virtual currency markets. Being such a large exchange, I'm sure Binance has the CFTC and other regulators breathing down their neck.

Stamping out most of the wash trading before public scrutiny surfaces might be a smart move.

Any and all wash trading is obviously in the interest of an exchange, hard to say no to extra money, when they don't even know if their business is going to be around 3-5 years from now in this uncertain regulatory climate. CFTC is just another reason why Binance(and other exchanges) are banning US users from their exchange.

Banning US customers apparently isn't enough. That's why the CFTC began probing Bitfinex in late 2017, after they had already prohibited US residents from their exchange. The CFTC asserts that it has jurisdiction over spot exchanges simply by virtue of the fact that they regulate Bitcoin futures markets. That link above shows they've further asserted that this jurisdictions covers altcoins too.

That's why Binance needs to be careful, otherwise they'll have a market manipulation probe on their hands like Bitfinex already does.

[Twinkledoe]

If Binance is turning a blind eye to wash trading -- implicitly allowing it on their exchange -- is that so much better than doing it themselves? I'm not sure exactly what their legal obligations are, but they ought to tread carefully. The CFTC regulates wash trading and has asserted that they don't merely have jurisdiction over Bitcoin markets, but rather all virtual currency markets. Being such a large exchange, I'm sure Binance has the CFTC and other regulators breathing down their neck.

Stamping out most of the wash trading before public scrutiny surfaces might be a smart move.

Any and all wash trading is obviously in the interest of an exchange, hard to say no to extra money, when they don't even know if their business is going to be around 3-5 years from now in this uncertain regulatory climate. CFTC is just another reason why Binance(and other exchanges) are banning US users from their exchange.

The wash-trading-scheme is really a part of an exchange nowadays, even if they are famous or top exchange, they can't get away from it. Because even if the exchange itself is not doing the wash trading, the owner/team of that altcoin or project might be doing such wash trading to gain attention from the traders. Will the exchange stop such action if they become aware of it?

[malevolent]

Banning US customers apparently isn't enough. That's why the CFTC began probing Bitfinex in late 2017, after they had already prohibited US residents from their exchange. The CFTC asserts that it has jurisdiction over spot exchanges simply by virtue of the fact that they regulate Bitcoin futures markets. That link above shows they've further asserted that this jurisdictions covers altcoins too.

That's why Binance needs to be careful, otherwise they'll have a market manipulation probe on their hands like Bitfinex already does.

If that's the case then CFTC will also need to convince not only themselves but also foreign courts. Perhaps there are already treaties in place which would aid them, but I'm not sure if they're that broad.