Binance’s market share declined in June.
Binance, the largest cryptocurrency exchange in the world in terms of trading volume, experienced a continued decrease in market share in June. This decline can be attributed to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against the company and its founder, Changpeng Zhao.
According to CCData, Binance’s market share in the spot market dropped to 41.9% in June, down from 43% the previous month. This marks the fourth consecutive monthly decline for the exchange and its lowest level since August 2022.
Despite this decline, Binance still maintains a significant lead as the world’s largest crypto exchange. The second-largest in terms of market share is OKX, based in Seychelles, with 5.44%, followed by the American exchange Coinbase (COIN) with 5.37%.
While the SEC lawsuit may have contributed to the decline in June, Binance’s market share has been decreasing for the past four months. This decline began after the exchange discontinued its no-fee trading promotion for 13 bitcoin spot trading pairs, including BTC-USDT, on March 22.
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Binance’s U.S. operation, Binance.US, which is also facing a lawsuit from the SEC, saw its market share decrease from 1.18% to 0.39%, according to CCData.
In addition to Binance, Coinbase was also affected by SEC lawsuits in June, but its market share remained relatively stable at 5.37% compared to 5.43% in May. Other exchanges, such as DigiFinex, ByBit, and Kraken, experienced modest increases in market share in June.
Edited by Stephen Alpher.