Ethereum

Bitcoin

April

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Citing data from research firm Kaiko, <a href="https://twitter.com/crypto/status/1673221209188605953">Bloomberg</a> reports that Binance's market share is hovering close to a one-year low as a result of the widening crackdown on the crypto industry.
The U.S. Securities and Exchange Commission (SEC) sued<a href="https://u.today/crypto-exchange-and-founder-sued-by-sec-in-wake-of-binance-cftc-lawsuit"> Binance </a>and its founder, Changpeng "CZ" Zhao, on June 5, dealing a setback to the biggest cryptocurrency exchange.Citing Kaiko data, Binance's spot trading market share was essentially unchanged from each of the two months prior, at 56% as of June 19. This is the lowest since it dropped to 53.7% in August last year.
On April 6, immediately following a separate complaint from the U.S. Commodity Futures Trading Commission, Binance's daily market share fell to as low as 47%.
The pressure on cryptocurrency exchanges like Binance has also intensified as wealthy traditional financial players like BlackRock Inc. seek approval to start offering spot Bitcoin exchange-traded funds (ETFs) to entice investors looking for regulated institutions.&nbsp;
Per <a href="https://twitter.com/intotheblock/status/1672935210005020676">IntoTheBlock</a> data, over $1.4 billion worth of Bitcoin and Ethereum were withdrawn from centralized exchanges (CEXes) as the crypto market experienced a resurgence in buying activity in the past week.
This highlights that not only is Binance seeing a loss of market share, but U.S.-based Coinbase, which was also sued by the SEC, saw its market share drop from 7.6% at the year's start to 6.8% in June.
Overall global trading volume across crypto exchanges has decreased as a result of the regulatory crackdown, which has dampened investor confidence.
Despite little decline in market share, Binance continues to be larger than all other cryptocurrency exchanges put together. According to cryptocurrency data firm DefiLlama, Binance is also the largest holder of customer tokens, with reserves of $59.2 billion.

Binance Market Share Drops to One-Year Low: Details

U_Today

Other articles published on Jun 26, 2023

Tron Founder Justin Sun Transfers Huobi From This Altcoin! Will the Sale Come?

Pepe (PEPE) Surpasses Shiba Inu (SHIB) and Dogecoin (DOGE) in Trading Volume: A Closer Look

Renowned Investor Jim Rogers Predicts Largest Bear Market in His Lifetime, Sounds Global Economic...

Why Dogecoin May Hold This Key Support Amid Bears Presence

#Decentralized lending works without either party having to identify themselves.

XRP Price Prediction: Will XRP Hit ATH Anytime Soon?

Join our free newsletter for daily crypto updates!