How Recent Crypto Crackdowns Have Affected Top Exchanges

In the recent past, the top crypto exchanges including Binance and Coinbase Exchange, have faced regulatory crackdowns. Crypto exchanges are the backbone of the crypto industry. Crypto enthusiasts are keenly observing how the crypto exchanges are responding to these crackdowns. Let’s see how some recent crypto crackdowns have affected some top exchanges.

Top crypto exchanges including Binance, Coinbase, Bybit, Bitget and OKX have faced regulatory crackdowns in recent times. These crackdowns have had varying impacts on the exchanges' trading volumes.

Binance, the world's largest crypto exchange by trading volume, has faced several regulatory crackdowns in recent years. In June 2021, the UK's Financial Conduct Authority banned Binance Markets Limited from conducting any regulated activity in the UK. In July 2022, the Dutch Central Bank fined Binance Euro 3.3 million for operating without proper registration. And in March 2023, the Commodity Futures Trading Commission sued Binance and its CEP for allegedly offering unregistered crypto derivative products.

These crackdowns have had a significant impact on Binance's trading volume. On March 14, 2023, the exchange's 24-hour volume was nearly $32.93B. However, on March 27, it sharply dropped to $5.53B. Between March 27 and February 25, 2024, the 24-hour volume remained within the range of $17.22B and $1.92B.

Coinbase, another major crypto exchange, has also faced regulatory crackdowns in recent times. In September 2021, the SEC issued a Wells notice to Coinbase over its planned Lend product, alleging it constituted an unregistered securities offering. And in June 2023, The SEC sued Coinbase, alleging that the exchange operated as an unregistered securities broker.

These crackdowns have also impacted Coinbase's trading volume. On June 6, 2023, the exchange's 24-hour volume was $1.30B. In the year 2023, the 24 hour trading volume of the exchange largely oscillated between $3.51B and $291.02M. On March 6, 2024, it reached a peak of $11.18B.

Bybit, a crypto exchange that is registered in the British Virgin Islands, has also faced regulatory crackdowns in recent times. In March 2021, The UK Financial Conduct Authority issued a warning to Bybit, stating that it was not permitted to offer its services in the UK without proper authorisation. And in June 2022, the exchange reached a settlement with the Ontario Securities Commission in Canada, agreeing to pay a fine and improve its compliance.

These crackdowns have impacted Bybit's trading volume as well. On October 4, 2022, the exchange's 24-hour volume was $835.65M. On the last day of that year, it was just $279.86M. In the year 2023, the volume oscillated between $4.33B and $0.00. On March 6, 2024, it touched a peak of $13.62B

Bitget, a major crypto exchange that is registered in Seychelles, has also faced regulatory crackdowns in recent times. In November 2021, the Monetary Authority of Singapore placed Bitget on its Investor Alert List. And in December 2021, the UK Financial Conduct Authority issued a warning against Bitget for operating without proper regulatory approval.

These crackdowns have impacted Bitget's trading volume as well. In the year 2023, the highest 24-hour volume of Bitget was $2.01B and the lowest was $265.73M. In the year 2024, the exchange showed better performance compared to the previous year. On April 14, 2024, the 24-hour volume of Bitget marked a peak of $6.47B. On March 6 and March 21, the exchange showed similar performances.

OKX, another crypto exchange that is registered in Seychelles, has also faced regulatory crackdowns in recent times. In March 2020, the MFSA issued a warning that OKX was not licensed to operate in Malta. And in October 2020, OKX suspended all cryptocurrency withdrawals after one of its key holders was taken into custody by China.

These crackdowns have impacted OKX's trading volume as well. In 2023, The 24-hour volume of OKX majorly oscillated between $4.84B and $317.44M. The year witnessed neither major highs nor major lows. In 2024, the situation improved slightly. In the year, a few interesting peaks were observed. In March 6, the 24-hour volume crossed the mark of $13B