Binance.US Sees Sharp Market Share Decline
• Binance.US’ market share among exchanges that support USD-to-crypto trading has declined from 16% in April to 4.35%.
• Traders have moved funds off Binance.US due to the SEC lawsuit against the company, which caused the exchange to suspend USD deposits and withdrawals and remove USD trading pairs.
• Despite this, Binance.US remains the third largest crypto exchange in the US after Coinbase and Kraken.
Market Share Decline for Binance US Exchange
Binance’s US-based exchange, Binance.US, has seen a sharp decline in its share of the trading volume among exchanges that support USD-to-crypto trading. The Block analyzed data which showed that market share was down from more than 16% in April to just 4.35%. This measure does not include exchanges relying only on stablecoins for their transactions. Meanwhile, Binance’s international exchange saw an increase in its market share from the prior month.
SEC Lawsuit Causes Fear Among Traders
The market share decrease for Binance US began when it was sued by the US Securities and Exchange Commission (SEC) at the start of June for disregarding federal securities laws, causing many traders to move funds away out of fear as to what might happen if assets were frozen by the SEC (which is something they have pushed for). Although so far this has been avoided with a deal made between both parties, deposit and withdrawal suspensions were still put into place along with removal of USD trading pairs as a result of this lawsuit..
BUSD Loses Appeal After Lawsuit
As traders are leaving Binance US en masse, its own stablecoin — dubbed “BUSD” — also saw a significant drop in appeal post-lawsuit with its current market cap sitting at around $4 billion according to CoinMarketCap data.
< h2 >Third Largest Exchange In U S h2 > Despite these developments , data indicates that Binance . Us remains the third largest crypto exchange operating within America after Coinbase and Kraken . According to CoinGecko , 24 hour volume on Tuesday came up at $ 13 . 8 million whereas Kraken had 166 . 6 million and Coinbase had 470 . 6 million normalized volume respectively .