The Strategist

Binance's market share in the US falls sharply in March

06/22/2023 - 03:43

According to Bloomberg, which used data from cryptocurrency analytics firm Kaiko, Binance, the largest cryptocurrency exchange in the world, saw a decline in market share from 22% at the end of March to 1.5%.
According to Bloomberg, using Kaiko statistics, "US currently represents just 1.5% of the overall weekly trading volume among US cryptocurrency exchanges, down from 8.2% at the start of the year and 22% at the end of March."

"Binance.US is currently experiencing a form of collapse, as we can observe. Will Binance.US be permitted to continue operating once the Securities Act takes effect?" Clara Medalie, the head of Kaiko Research, told the agency, "I believe the court is still uncertain, but after reviewing the facts, I believe it's very improbable."

According to Kaiko data, the stake of cryptocurrency exchange Coinbase, which is also the target of a Securities and Exchange Commission lawsuit, has decreased from 56.5% at the beginning of the year to 51% now.