Analytics service Kaiko has reported that the market share of Binance.US in the US has dropped to its lowest level since December 2020 at 2.7%.
This comes after the SEC filed a lawsuit against Binance and its CEO Changpeng Zhao for 13 charges that included the sale of unregistered securities in June.
Subsequently, the regulator sought an emergency freeze of the exchange’s US-based assets from the court.
According to The Block, in the past three months, the trading volume of Binance.US has sharply declined from $17.6 million in March to $3.5 million in May.
All USD-based crypto exchanges have outpaced the platform, with its market share going down from 16.1% in April to 8.5% and currently standing at 5.4%.
In contrast, Coinbase, which also faced charges from the SEC, has remained relatively stable since it has been hovering between 36%-39% for the past three months.
