Binance.US market share drops below 1% amid regulatory lawsuit: Report
United States-based cryptocurrency exchange Binance.US has reportedly seen its market share drop more than 20% amid a lawsuit from federal financial regulators.
According to a July 5 report from Reuters citing data from Kaiko, the market share of Binance.US in the U.S. dropped from more than 22% in April to roughly 0.9% as of June 26. The U.S. Securities and Exchange Commission (SEC) filed a suit against Binance.US, Binance, and Binance CEO Changpeng Zhao (CZ) for allegations related to operating as an unregistered securities exchange in June, while the Commodity Futures Trading Commission had already filed a similar lawsuit against Binance and CZ in March.
Related: Binance, Binance.US and CZ allege SEC made ‘misleading’ statements on exchange assets
Coinbase faces a similar lawsuit from the SEC, yet according to data provided by Reuters, the crypto exchange’s market share in the U.S. increased from roughly 48% to 55% in June. The surge may be related to at least three SEC filings naming Coinbase as a surveillance partner in asset managers’ attempts to launch a spot Bitcoin exchange-traded fund in the United States.
Cointelegraph reported on July 5 that the combined spot and derivatives trading volume on centralized exchanges surged to more than $2.7 trillion, in part attributable to investor sentiment rising amid BlackRock filing for a spot Bitcoin ETF. The SEC has not approved any spot cryptocurrency ETF in the United States, rejecting many applications from the same firms.
Magazine: Binance humiliated, HK needs 100K crypto workers, China’s AI unicorn: Asia Express
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