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Binance US Stumbles Amid Regulatory Scrutiny

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Wed, 5/07/2023 - 18:52
Binance US Stumbles Amid Regulatory Scrutiny
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Binance.US, the American arm of the Binance exchange, has seen its share of the market being reduced to less than one percent, according to a recent report by Reuters. 

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This comes after the cryptocurrency titan was hit with a damning lawsuit by the U.S. Securities and Exchange Commission. The exchange's customers were asked to withdraw their funds. 

Binance, the parent exchange, has also seen its global market share shrink to 52%. For comparison, it started with a 60% share of the market in January. 

Still, the fact that the crypto exchange controls more than half of the market despite the regulatory storm shows that its dominance is unlikely to be challenged in the near future. 

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On June 17, Binance and the SEC reached an agreement to keep the assets of American countries within the country. However, only the employees of the subsidiary will be to gain access to these asses. 

In other news, Binance's complaint about the regulator's press release was recently shut down by the court.

The high-stakes legal battle could reshape the regulatory landscape in the U.S. 

While Coinbase has also been hit with an SEC lawsuit, the nature of the case is far less damning for the flagship exchange.   

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