Binance.US market share falls due to regulatory lawsuits in the US
The exchange's cryptocurrency exchange has been in decline due to the legal situation it is facing in the US
United States-based cryptocurrency exchange Binance.US has experienced a significant decline in its market share, exceeding 20 %, due to a lawsuit filed by federal financial regulators.
According to a Reuters report on July 5, which is based on data provided by Kaiko, Binance.US’s market share in the United States fell from over 22 % in April to approximately 0.9 % on June 26.
In June, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US, Binance, and its CEO, Changpeng Zhao (CZ), accusing them of operating as an unregistered stock exchange. Furthermore, in March, the Commodity Futures Trading Commission also filed a similar lawsuit against Binance and Zhao.
On the other hand, Coinbase is facing a similar lawsuit from the SEC. However, according to data provided by Reuters, the market share of this cryptocurrency exchange in the United States increased from approximately 48 % to 55 % in June.
This rise may be related to at least three SEC filings designating Coinbase as a watchdog partner in asset managers’ efforts to launch a Bitcoin-backed ETF in the United States.
K. Tovar
Source: Cointelegraph
(Reference image source: Kanchanara, Unsplash)
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