Some Binance.US Crypto Trading Was a Mirage, the SEC Alleges

When crypto company Binance launched its U.S. exchange in 2019, almost $70,000 of bitcoin changed hands in the first hour. “That was ourself, I think,” Binance Chief Executive Changpeng Zhao said in an internal message viewed by The Wall Street Journal. Just how much crypto trading volume is due to actual trades versus exchanges and coin promoters shuffling assets among themselves is an issue for regulators and investors trying to gauge the depth of these markets.