Bitcoin News and Finance Binance US Market Share Shrinks Amid Legal Battle With SEC Skip to main content

Binance US Market Share Shrinks Amid Legal Battle With SEC

Binance US Market Share Shrinks Amid Legal Battle With SEC

The market share of the U.S. subsidiary of Binance has declined amid an ongoing crackdown by America’s securities regulator. According to new data, leading U.S. crypto exchange Coinbase, also sued by the Securities and Exchange Commission (SEC), is taking a hit, too.

Binance US Market Share Drops to 1.5%, According to Kaiko

The litigation with the SEC is taking a toll on Binance US, the American unit of the world’s largest cryptocurrency exchange. The platform’s share is now only 1.5% of the weekly trading volume on exchanges in the United States, according to digital assets market data provider Kaiko.

That’s down from 8.2% at the beginning of 2023, the research indicated. The significant decline comes in a difficult moment for Binance’s subsidiary in the U.S. which is dealing with customers withdrawing funds and payment partners cutting off support, Bloomberg noted in a report.

Binance US Market Share Shrinks Amid Legal Battle With SEC

The latest troubles began when the securities regulator sued the operators of the American exchange, BAM Trading Services and BAM Management US Holdings, and Binance founder Changpeng Zhao (CZ), accusing them of violating U.S. securities laws, misleading investors, and mishandling user assets.

Thanks to a deal with the SEC that requires Binance to repatriate all U.S. customer funds, Binance US managed to avoid an asset freeze that would have crippled its business. However, according to Clara Medalie, director of research at Kaiko, “What we are seeing here is sort of the collapse of Binance US.” She elaborated:

Can Binance US survive in a post-SEC world? I think the jury is still out on that, but looking at the data, I think it’s very unlikely.

Meanwhile, the market share of Coinbase has also shrunk, to 51% in late June from 56.5% at the start of the year. The SEC filed a lawsuit against the largest U.S. crypto exchange as well, alleging that the San Francisco-based company was also infringing upon securities laws.

Kaiko pointed out that the market shares of other crypto exchanges, such as Lmax, Bitstamp, and Kraken, are expanding in the United States. U.S.-based Kraken has grown its market share in Europe, from 41% at the beginning of this year to 53% this month. In 2023, Binance’s global platform lost more than half of its market share in euro-denominated crypto trades.

announced last week it’s leaving the Dutch market as it was unable to register as a crypto service provider in the Netherlands. Earlier, its entity in Cyprus applied to be removed from the country’s register of digital asset service providers and Binance’s unit in Britain canceled its U.K. regulatory authorization.

What future do you expect for Binance US and other major crypto exchanges in the U.S. and Europe? Share your thoughts on the latest developments in the sector in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory