According to CCData, Binance’s spot market share in June dropped to 41.9% from 43% a month earlier, marking the fourth consecutive monthly decline for the exchange and the lowest level since August 2022.
Binance, however, remains the world’s largest crypto exchange by a wide margin. Seychelles-based OKX is second in market share at 5.44% and American exchange Coinbase (COIN) third at 5.37%.
While the SEC suit may have been a catalyst for June’s softness, Binance’s market share began to decline four months ago after the exchange on March 22 halted its no-fee trading promotion for 13 bitcoin spot trading pairs, including BTC-USDT.
Binance’s U.S. operation, Binance.US – also sued by the SEC – saw its market share decline to 0.39% from 1.18%, said CCData.
Not left out of the SEC lawsuits in June was Coinbase and that exchange saw relatively stable market share of 5.37% this month versus 5.43% in May. DigiFinex, ByBit and Kraken were among those exchanges seeing modest increases in market share in June.
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