
The market share of the Binance.US bitcoin exchange in the United States has fallen to 2.7%, its lowest level since December 2020, according to Kaiko, an analytics service.
https://t.co/pup2WYms9R market share relative to its US competitors declined to 2.7%, its lowest level since Dec 2020. pic.twitter.com/CGxFqRB9xP
— Kaiko (@KaikoData) June 14, 2023
June 5 SEC sued Binance and its CEO Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities. Later, the department demanded an emergency freeze of Binance.US assets from the court.
According to The Block, trading volumes of the US division of the exchange have been declining over the past three months, from $17.6 million in March to $3.5 million in May.

Nearly all USD-backed crypto exchanges have outperformed Binance.US in terms of turnover. In April, the platform accounted for 16.1% of spot trading volume, but fell to 8.5% in May. At the time of writing, it stands at 5.4%.

In comparison, Coinbase, which was also sued by the SEC, has remained almost unchanged, teetering between 36% and 39% for the past three months.
Market depth for the top 25 crypto assets on Binance.US has decreased by 78% since the filing of the lawsuit, according to Kaiko. Experts said that many large market makers left the platform, including Wintermute and Keyrock.
Early Binance.US announced the suspension of USD deposits effective June 13th.
Recall that on June 8, the American subsidiary of Binance removed 10 trading pairs in conjunction with Bitcoin and its own stablecoin BUSD, and also suspended over-the-counter trading.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!