Diksia.com - NEW YORK, Crypto exchange platform Binance and its subsidiaries have reportedly shrunk in market share in the United States (US) this year as they resist an onslaught of regulatory action.
According to data company Kaiko, Binance itself has also been hit by a lawsuit from the US Securities and Exchange Commission (SEC) for alleged regulatory violations, boosting its global market share to 52 percent from 60 percent earlier in the year.
“Binance had started shedding market share in March after deciding to end fee-free transactions for several trading pairs,” said Dessislava Aubert, an analyst at Kaiko.
“Binance’s market share has gone to various exchanges, with Bybit and OKX being the best,” he added.
Meanwhile, Binance US’ U.S. market share fell to 0.9 percent on June 26 and more than 22 percent in April after the crypto exchange imposed a deadline on its customers to withdraw their funds, in accordance with SEC requirements.
“Due to buying trends, Coinbase’s US market share rose to 55% from 48.4% in June as the exchange was named a watchdog partner by Fidelity and other asset managers for offering spot Bitcoin ETFs,” Aubert said .
Binance has subsequently denied that crypto tokens are part of the securities and has repeatedly asked the SEC for clear rules.
