Binance.US market share drops below 1% amid regulatory lawsuit: Report

Binance.US market share drops below 1% amid regulatory lawsuit: Report

July 05. 2023

By Turner Wright

The U.S. market share of Binance.US has reportedly dropped amid a Securities and Exchange Commission lawsuit, while Coinbase’s rose roughly 7% in June.

United States-based cryptocurrency exchange Binance.US has reportedly seen its market share drop more than 20% amid a lawsuit from federal financial regulators.

According to a July 5 report from Reuters citing data from Kaiko, the market share of Binance.US in the U.S. dropped from more than 22% in April to roughly 0.9% as of June 26. The U.S. Securities and Exchange Commission (SEC) filed a suit against Binance.US, Binance and Binance CEO Changpeng “CZ” Zhao for allegations related to operating as an unregistered securities exchange in June, while the Commodity Futures Trading Commission had already filed a similar lawsuit against Binance and CZ in March.