The market share of the top cryptocurrency exchange
Binance and its US affiliate, Binance.US, has declined, the latest market data shows.
The decline is anticipated to be due to the recent lawsuit filed against the exchange by the
Securities and Exchange Commission (SEC).
The market share of
Binance.US had dropped the most. According to the cryptocurrency data provider,
Kaiko, as quoted by Reuters, the market share of the purportedly independent
exchange dropped from 22% to 0.9% between April and June.
Binance.US was dealt a
blow when the SEC sought
court orders to freeze
the assets of the exchange. The regulator told the court in June that a
temporary freeze of the exchange’s assets would protect investors from losing
their funds. However, the two parties later agreed
to a deal that
prevented the need to freeze the assets.
Besides that, Binance.US
was forced to suspend US dollar deposits in June, citing what it termed as
‘aggressive and intimidating’ tactics by the SEC. Additionally, the company
said it was planning to halt US dollar withdrawals after its banking
partners withdrew their support.
Binance, the global
exchange platform, has similarly witnessed a reduction in market share…
