Binance.US market depth fell by 76% in June after SEC lawsuit.

Binance.US is experiencing a mass exodus of market makers and traders following a lawsuit by the U.S. Securities and Exchange Commission accusing the exchange of multiple securities violations. According to a report by Kaiko, just one week after the lawsuit, liquidity for 17 tokens on Binance.US has dropped by 76%. Binance.US’s U.S. market share has also plummeted from 20% in April to 4.8%. According to the report, market depth was at $34 million the day before the lawsuit, but dropped to $7 million on Monday. Binance’s global market depth has also dropped by 7% since the start of June. Coinbase, which was also sued by the SEC, saw its liquidity drop by 16%. The report suggests that market makers are nervous and want to avoid volatility-induced losses and the possibility of their assets getting stuck on an exchange. Although Binance.US’s market share dropped to 4.8%, Coinbase’s market share increased over the past week from 46% to 64%, for reasons that are unclear, according to Kaiko.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


New token gains traction, Dogecoin and Cardano stagnate

Everlodge (ELDG), a promising new token, is emerging as a strong competitor to popular cryptocurrencies like Dogecoin...


Elon Musk’s Revelation Sparks Euphoria: AI Token Surge

Exciting news for Fashionista AI-focused tokens skyrocketed over the weekend thanks to major advancements in the AI i...


💰 Polymarket Surpasses OpenSea with $5.7 Million Trading Volume After Bitcoin ETF Approval

Polymarket achieved a remarkable milestone on Wednesday with a trading volume of over $5.7 million in betting contracts.


Fed Expects 75 Basis Point Rate Cuts in 2024: Will Markets Deliver?

Yesterday, the American central bank announced that a much more lenient monetary policy is expected for 2024.


CME Group to launch ETH to BTC Ratio Futures.

The derivatives exchange announced that the futures contracts will be settled in cash.


Senators propose bill to remove Section 230 protection for AI companies.

U.S. Senators Josh Hawley and Richard Blumenthal have proposed a bill in the Senate that would eliminate the protecti...