Pepe 2.0

United

Binance.US has experienced a significant decline in market share of over 20% due to an ongoing lawsuit filed by federal financial regulators. 
Reuters, citing data from Kaiko, reported on July 5 that Binance.US’ market share plummeted from over 22% in April to approximately 0.9% as of June 26. 
The legal action was initiated by the U.S. Securities and Exchange Commission (SEC), which accused Binance.US, along with its parent company Binance and CEO Changpeng “CZ” Zhao, of operating as an unregistered securities exchange. 
Prior to this lawsuit, the Commodity Futures Trading Commission had already filed a similar complaint against Binance and CZ in March. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/how-a-crypto-trader-turned-900-into-176000-with-pepe-2-0/">How A Crypto Trader Turned $900 Into $176,000 With Pepe 2.0</a> 
In a parallel development, Coinbase, another prominent cryptocurrency exchange facing a lawsuit from the SEC, witnessed an increase in its market share in the U.S. According to Reuters, Coinbase’s market share rose from around 48% to 55% in June. 
This surge in market share can be attributed, at least in part, to Coinbase being named as a surveillance partner in several SEC filings submitted by asset managers aiming to launch a spot Bitcoin exchange-traded fund in the United States. 
On July 5, Cointelegraph reported that the combined trading volume of spot and derivatives on centralized cryptocurrency exchanges surged to over $2.7 trillion. 
This increase in trading activity can be attributed, in part, to growing investor sentiment following BlackRock’s filing for a spot Bitcoin ETF. 
However, it is important to note that the SEC has yet to approve any spot cryptocurrency ETFs in the United States, and it has rejected numerous applications from various firms. 
Overall, Binance.US has witnessed a significant decline in market share due to the SEC lawsuit, while Coinbase has experienced a boost in its market share amidst its own legal challenges. 
The cryptocurrency market as a whole has seen a surge in trading volume, driven in part by investor optimism surrounding the possibility of a spot Bitcoin ETF. 
Nevertheless, the SEC’s stringent stance on approving such ETFs has resulted in the rejection of multiple applications from various companies. 
<a href="https://www.cryptointelligence.co.uk/submit-a-crypto-or-blockchain-press-release-pr/">Submit A Crypto Press Release</a>

Binance.US Market Share Drops Over 20% Amid SEC Lawsuit, Coinbase Gains Ground

Crypto Intelligence

Other articles published on Jul 7, 2023

Twitter to Sue Facebook for Launching Threads – Can It Drive Dogecoin (DOGE) Price to $0.15 as Ru...

Discover a personalized approach to education that allows you to unlock your full potential.

Nayms Issues World’s First Crypto-Denominated Industry Loss Warranty (ILW)

BlackRock's Larry Fink experiences a "change of heart," advocates crypto as digitized gold

Ripple Unveils Its Milestones in Blockchain Research: Details

How to Create Your Own Cryptocurrency

Join our free newsletter for daily crypto updates!