Binance, the renowned cryptocurrency exchange, experienced a further decrease in its market share during the month of June.   
This decline coincided with the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Binance and its founder, Changpeng Zhao.   
According to data from CCData, Binance's spot market share in June dropped to 41.9%, down from 43% the previous month.   
This marks the fourth consecutive monthly decline for the exchange, resulting in its lowest market share level since August 2022.   
Despite this decrease, Binance still retains its position as the largest cryptocurrency exchange worldwide, boasting a significant lead over its competitors.   
While Binance's market share declined, other exchanges experienced relatively stable or modestly increased market shares in June.   
OKX, based in Seychelles, holds the second-largest market share at 5.44%, followed closely by Coinbase at 5.37%. It's noteworthy that Coinbase also faced legal action from the SEC but managed to maintain its market share throughout June.   
Although the SEC lawsuit likely played a role in the softness experienced by Binance in June, the exchange's market share began declining four months ago.   
The initial decline followed Binance's decision to halt its no-fee trading promotion for several bitcoin spot trading pairs, including BTC-USDT, on March 22. This adjustment appears to have had a lasting impact on Binance's market share.   
Binance's U.S.-based operation, Binance.US, also faced legal action from the SEC, which contributed to a decline in its market share from 1.18% to 0.39%, as reported by CCData. This decrease demonstrates the impact of regulatory challenges on Binance's subsidiary.   
Coinbase's Stable Market Share: Coinbase, despite being subject to SEC lawsuits alongside Binance, managed to maintain a relatively stable market share of 5.37% in June, compared to 5.43% in May. This consistency indicates the resilience of Coinbase in the face of regulatory scrutiny.   
Interestingly, exchanges such as DigiFinex, ByBit, and Kraken witnessed modest increases in market share during June.   
These developments highlight the dynamic nature of the crypto market, where shifts in market share can occur even amidst regulatory challenges. 
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Market Share of Binance Drops in June

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