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Is Binance losing its hold over the crypto market?

Press Releases Crypto News AMB-Crypto Is Binance losing its hold over the crypto market?

Binance’s dominance waned after the SEC lawsuit.
Legal battles and market shifts cast shadows on Binance’s future.

In the realm of cryptocurrency, Binance [BNB] once reigned supreme as the leading centralized exchange. Yet, the tides turned when an SEC lawsuit triggered a drastic decline in the exchange’s activity, casting a shadow of doubt over the exchange’s future.

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Altcoin takes an alternate route

The aftermath of the SEC legal action witnessed a notable shift. The market share for security-labeled altcoins plunged on Binance, while remaining steady on U.S. exchanges. This transition opened doors for offshore platforms like Poloniex and Huobi, showcasing a massive surge in their growth trajectory.

Source: Kaiko

Amidst the storm, Binance continued to hold the lion’s share of Bitcoin reserves, a position closely trailed by Coinbase and Bitfinex. This resilient stance in Bitcoin holdings signals that the exchange might persevere despite the challenges.

However, signs of turbulence extend further. Binance Connect, an initiative rolled out in March 2022 to enable businesses to embrace cryptocurrency payments, has now shuttered its operations. The once-promising service, designed to foster crypto adoption, closed its doors just a year after its launch, despite initially supporting 50 cryptocurrencies and major payment methods.

Legal troubles

Legal battles compounded Binance’s woes. The SEC-Binance civil case took an intriguing turn recently. A federal judge overseeing the proceedings has referred a motion for a protective order to Magistrate Judge Zia Faruqui.

This motion, requested by Binance.US’ legal team, seeks to shield against what they deem the SEC’s excessive information requests during the discovery process.

Former SEC Internet Enforcement Chief John Reed Stark had

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Author: Himalay Patel

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