Per Crypto News
Binance US marketshare dropped from 16% in April to 4.35%
6/20/2023
While the SEC has been going after Binance and Coinbase, it was recently reported that the marketshare for Binance US has dropped significantly. The decline was reportedly from 16% in April to now just 4.35%.
Binance US is the company's US-based crypto exchange capable of supporting USD-to-crypto trading. Data from The Block showed the decline in marketshare of Binance US from May to June.
It's important to note that the same can't be said for Binance's international crypto exchange, which saw a slight increase this month. The decline in Binance US comes as the SEC sued the exchange in early June due to "blatant disregard of the federal securities laws.”
Binance released a reply via Twitter calling the tactics of the SEC "extremely aggressive and intimidating." In the statement, the crypto exchange clarified that they would remain open "to a productive compromise."
Binance: "While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, http://Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC. "
In May, Binance CEO Changpeng Zhao, or CZ, was sued by the SEC for breaking US securities. During that time, it was revealed that 13 charges were filed against CZ.
Binance lawyers said SEC Chair Gary Gensler reportedly offered to serve as an advisor to the platform.
See flow at unusualwhales.com/flow.
Other News:
- Binance's CZ sued by SEC for breaking US Securities
- The SEC Chair Gary Gensler reportedly offered to serve as an advisor to Binance, as per Binance’s lawyers
Resources:
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