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Binance's Market Share Shrinks as Regulatory Crackdowns Continue

Binance, the world's largest cryptocurrency exchange, and its U.S. affiliate have seen a decline in market share this year due to regulatory crackdowns. Binance's global market share has dropped from 60% to 52% after being hit by a lawsuit from the U.S. Securities and Exchange Commission.

Binance.US has also seen a slump in its U.S. market share, dropping to 0.9% in June from over 22% in April. Meanwhile, Coinbase's U.S. market share has increased to 55% in June, as the exchange was named a surveillance partner by Fidelity and other asset managers in filing for a spot bitcoin ETF.

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