Trading volumes on the Uniswap v3 decentralized exchange (DEX) on Ethereum jumped 87% in the past 24 hours after the US Securities and Exchange Commission (SEC) sued Binance for offering unregistered securities.
Volumes on Ethereum’s Uniswap v3 rose $800 million as markets absorbed the news that the SEC charged Binance and CEO Changpeng Zhao with mishandling customer funds, misleading investors and regulators, and offering unregistered securities.
DeFi Volumes Outpace Centralized Exchanges
After the SEC complaint, Binance recorded over $300 million in net outflow. Net outflow is the difference between the value of assets entering and exiting the exchange.
After the news, volume on Curve, a DEX for stablecoins, spiked 167% to $120 million. Curve DEX allows users to swap stablecoins. PancakeSwap v3, a DEX on BNB Chain, netted a whopping 269% 24-hour gain to reach $215 million.
