The lawsuit filed by the US SEC against Binance.US has had an impact on the exchange. Figures show that its market share has recently plunged below 5%, while its market depth has declined by more than 75% since early June.
In addition to the lawsuit, the regulator launched a restraining order against Binance.US to freeze its assets. The company took immediate action and removed more than 100 trading pairs from its platform.
Based on data presented by Kaiko, Binance.US market share has dropped from about 20% in April to less than 5% currently. The decline was quite noticeable in May and early June.
One of the possible reasons for the decline seen this month is due to legal pressure coming from the SEC. The SEC filed suit against Binance and its American subsidiary on June 5 and asked a Federal court to issue a temporary restraining order to freeze US market assets.
Shortly after, Binance delisted 101 trading pairs on its platform, including AAVE/USDT, MANA/USDT, BCH/BTC, DOT/BTC, MANA/BTC, XTZ/BTC and more.
Other cryptocurrency exchanges have also seen their market share decrease recently including Kraken and Bitstamp. Interestingly, Coinbase stands in the opposite corner.
