A Securities and Exchange Commission lawsuit is said to have caused a decline in Binance.US’s market share in the United States, whereas Coinbase saw an approximately 7% increase in June. According to reports, the federal financial regulators’ lawsuit caused Binance.US, a cryptocurrency exchange with headquarters in the United States, to witness a more than 20% decline in market share.
According to reports, the market share of Binance US has decreased, as a result of a Securities and Exchange Commission lawsuit, while Coinbase’s increased by almost 7% in June. Binance is a cryptocurrency exchange established in the United States. A report from Reuters cited data from Kaiko stating that as of June 26, Binance.US’s market share in the United States has dropped from 22% in April to around 0.9% in July.
Recently, in June the Commodity Futures Trading Commission filed a lawsuit against Binance and CZ. Alongside, in March the U.S. Securities and Exchange Commission also filed a lawsuit against Binance.US, Binance, and Binance CEO Changpeng “CZ” Zhao for operating as an unregistered securities exchange. The SEC has filed a similar action against Coinbase, but data published by Reuters shows that in June, the crypto exchange’s market share in the U.S. climbed from around 48% to 55%. The increase could be explained by the fact that Coinbase has been identified in at least three SEC filings as a partner in asset managers’ efforts to launch a spot Bitcoin exchange-traded fund in the US.
However, The SEC has turned down numerous petitions from the same companies while refusing to authorize any spot Bitcoin ETF in the US.
