The source says large volumes of digital asset trading are gathering on platforms that U.S. regulators have viewed with concern, highlighting the market’s continued reliance on offshore liquidity.
The source states that trillions of dollars in crypto liquidity is concentrating inside trading venues that U.S. regulators fear most. That points to a familiar structure in digital asset markets, where offshore exchanges often capture significant trading activity because they can offer broader token listings, lower barriers to access, or products such as derivatives. For regulators, concentrated liquidity on offshore venues can complicate oversight, investor protection, and market surveillance, especially when U.S.-linked users or assets are involved.