Key Points:
On Tuesday, crypto data firm Kaiko published research showing Binance.US currently accounts for only 1.5% of the total weekly trading volume of U.S. crypto exchanges, down from 8.2% at the beginning of this year and a peak of 22% at the end of March.
Binance.US is currently facing a number of challenges, with its banks and payment partners cutting off support, its liquidity drying up, and customers consistently withdrawing money from the platform.
Coinbase Global, also sued by the SEC, has also seen its market share drop from 56.5% at the start of the year to 51% at the end of June.
Both companies have found themselves directly in the crosshairs of the SEC, having been named in high-profile cases only a few weeks ago. The SEC’s action against Binance, on the other hand, names its CEO, Changpeng Zhao, as well as BAM Trading, the operating firm of Binance.US, which is an affiliate of the worldwide exchange.
Coinbase has lambasted the United States Securities and Exchange Commission for failing to respond to issues posed in the United States Court of Appeals as part of its continuing legal dispute with the agency. The business said that the SEC’s silence, protracted delays, and enforcement actions continue to weigh on the crypto sector and that SEC head Gary Gensler is well on his way to irrevocably harming a US public company and an entire industry.
On the other hand, exchanges such as LMAX, Bitstamp, and Kraken are gaining market share in the US.
Binance, the global platform, has also lost more than half of its market share in euro-denominated crypto deals this year. Binance said last week that it is leaving the Netherlands after failing to register with the country’s banking regulators. Meanwhile, French officials paid an on-site visit to the business, which is being investigated for suspected unlawful supply of digital-asset services and aggravated money laundering.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
Coincu News
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