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.

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