The year has been challenging for Binance, the world’s leading cryptocurrency exchange, and its U.S. counterpart, Binance.US. Both have considerably reduced their market shares due to increased regulatory scrutiny across various global jurisdictions.
A notable setback came from a lawsuit the U.S. Securities and Exchange Commission (SEC) filed against the company alleging regulatory violations. Data from analytics firm Kaiko indicates this lawsuit contributed to Binance’s global market share dipping from 60% at the beginning of the year to 52% as of last month.
Binance’s Strategy Adjustment And Its Market Impact
Binance’s decision in March to discontinue zero-fee transactions for certain trading pairs might have played a role in the market share decline, suggests Dessislava Aubert, an analyst at Kaiko. As Binance’s share recedes, other exchanges like Bybit and OKX have benefited.
Aubert noted: “Binance’s market share has spread to various exchanges, with Bybit and OKX faring best.” Binance.US, described as an independent partner of Binance, is also experiencing market turbulence.
The SEC’s move to request a court-imposed asset freeze triggered a sharp reduction in Binance.US’s market share. From commanding over 22% of the U.S. market in April, the exchange’s share had plummeted to 0.9% by June 26.
Coinbase Capitalizes Amid Regulatory Turmoil
While Binance and its U.S. affiliate faced challenges, Coinbase, another significant player in the market, has seen an upswing. The U.S. market share of Coinbase rose to 55% in June from 4
Go to Source to See Full Article
Author: Samuel Edyme
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
