Binance Market Share Takes Regulatory Hit
Binance, the world’s largest cryptocurrency exchange, and its US affiliate have lost market share this year as a result of regulatory crackdowns.
According to data firm Kaiko, Binance was hit with a lawsuit by the US Securities and Exchange Commission last month for allegedly violating the regulator’s rules, reducing its global market share to 52% from 60% at the start of the year.
According to Dessislava Aubert, an analyst at Kaiko, Binance began to lose market share in March after discontinuing zero-fee transactions for some trading pairs.
Binance.US, Binance’s ostensibly independent partner, saw its US market share fall to 0.9% on June 26 from over 22% in April after the exchange gave its customers until June 13 to withdraw their dollar funds after the SEC asked a court to freeze its assets.
(With inputs from Shikha Singh)
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