Sharp market loss on Binance – Bloomberg HT
According to Kaiko data, Binance’s spot trading market share stood at 56 percent for the period through June 19.
This rate was recorded as the lowest level since August when the market share of the crypto Exchange fell to 53.7%.
The world’s largest cryptocurrency exchange took a hit after the US Securities and Exchange Commission (SEC) filed a lawsuit against the company and its founder, Changpeng Zhao, on June 5.
On the other hand, the daily market share dropped to as low as 47 percent on April 6, right after a lawsuit filed by the US Commodity Futures Trading Commission (CFTC).
The pressure on Binance and similar crypto exchanges, BlackRock Inc. It increased after traditional finance players such as . US-based Coinbase’s market share, which was sued by the SEC, fell from 7.6 percent in January to 6.8 percent in June.
According to Kaiko, Binance’s US subsidiary lost almost all of its market share after lawsuits from the CFTC and SEC.
The company’s suspension of a promotion in March also contributed to the loss of Binance’s market share.
