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The United States Securities & Exchange Commission issued Uniswap (UNI) a Wells notice, suggesting an upcoming legal battle with the decentralized exchange (DEX).
Today Uniswap Labs received a Wells notice from the SEC
And we're ready to fight
This is the latest political effort to target even the best actors in crypto like Uniswap and Coinbase
All Uniswap products and the Uniswap Protocol are unaffectedhttps://t.co/i2p5LubELk— Uniswap Labs 🦄 (@Uniswap) April 10, 2024
The trading platform revealed that the regulator flagged it for running as an unlicensed exchange. Nonetheless, founder Hayden Adams promised to fight the “disappointing” commission.
Uniswap fee hike
The decentralized exchange raised fees for swaps executed through its wallet interface to $0.25 from $0.15. Also, it increased the volume of fee-qualified trades.
🚨BREAKING
UNISWAP ADDS .25% FEES ON ALL SWAPS EXCEPT STABLE COIN PAIRS & WRAPPING/UNWRAPPING ETH pic.twitter.com/haa8SqZVIq— Ethereal (@EtherealFx) April 13, 2024
While some market players criticized the absence of decentralization on the fee hike, others supported the move, stating that the increase is crucial in helping the DEX fight the impending SEC battle.
Uniswap’s surging trading volume
The decentralized exchange has seen increased activity lately, with 24-hour trading volume surpassing $3 billion over the weekend. Also, Uniswap hit a new milestone as total volume topped $2 trillion on 5 April.
Uniswap hits $2 trillion in trading volume ahead of SEC’s lawsuit –
Decentralized finance (DeFi) exchange Uniswap crossed $2 trillion in total trading volume despite escalating competition from other networks and regulatory setback. The milestone comes even as the platform f… pic.twitter.com/1uDfyoghfE— The Industry Spread (@industryspread) April 15, 2024
The soaring trading volume shows investors using Uniswap despite the regulator’s notice and hiked fees.
UNI price outlook
Uniswap’s token has exhibited bearishness since the SEC’s notice, down 5.77% over the past day to trade at $6.95.
UNI will likely dip further in the near term, considering the regulatory developments and Tuesday’s 8.33 million tokens unlock.
Nevertheless, reports show exchange Coinbase received a similar SEC notification in March 2023, but there hasn’t been any progress.
The post Uniswap’s (UNI) April turbulence; SEC’s notice, fee hike, & soaring trading volume appeared first on Invezz
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