CNBC's MacKenzie Sigalos contributed to this report. Bloomberg reported in June that the SEC was investigating whether the 2017 token sale amounted to a security offered that should have been registered with regulators. Binance is one of the largest and most popular cryptocurrency exchanges which initially started in China but then relocated its headquarters to the crypto-friendly Island of Malta in the EU.Binance is popular for its crypto to crypto exchange services.The company raised around 15 million in an ICO in July 2017. There's a circulating supply of about 160 million BNB out of a total maximum supply of 200 million, according to CoinMarketCap. Create Your Free Account Create your free account on the web or in the Binance. On its website, the company says people can "use BNB to pay for goods and services, settle transaction fees on Binance Smart Chain, participate in exclusive token sales and more." Areas where BNB can be used, the site says, include payment, travel and entertainment. Like all of the major crypto projects and companies, Binance developed its own currency. A day later, Binance backed out of the deal, stating that FTX's "issues are beyond our control or ability to help." will lose access to euro-denominated bank transfers to and from its cryptocurrency exchange via banking partner Paysafe Ltd., the latest in a recent string of blows to its business in Europe. Personal Loans for 670 Credit Score or LowerįTX then faced an immediate surge in withdrawal demands, and Binance stepped in with a non-binding agreement to acquire the company as part of a rescue plan. All user funds are held 1:1 and protected by a Secure Asset Fund for Users (SAFU) worth 1 billion. Personal Loans for 580 Credit Score or Lower Binance currentlys hold regulatory licenses, registrations, and approvals in 15 jurisdictions. This surge in Coinbase's market share is shrouded in ambiguity as no specific asset has registered an unusual spike in trading volume.Best Debt Consolidation Loans for Bad Credit Bloomberg News Biggest crypto exchange struggling after regulatory actions Spot trading market share has been stuck at about 56 Binance is reeling under the impact of increased regulatory scrutiny, with the exchange platform’s market share languishing near a one-year low, according to data from research firm Kaiko. In contrast, Coinbase's market share has experienced a remarkable ascension, climbing from 46% to 64% within the past week. In April, the exchange boasted a 20% market share, which has now dwindled to just 4.8%. There is also considerable apprehension about assets potentially being trapped on the exchange, reminiscent of the FTX collapse.īinance.US’s market share paints a telling picture of its woes. The drastic liquidity plunge implies that market makers are apprehensive, seeking to steer clear of losses that could be triggered by volatility. Easily buy or trade BTC and ETH with 0 fees on. Notably, Binance’s market depth remained resilient initially and even witnessed a surge post the lawsuit but eventually plummeted over the weekend as altcoin markets tumbled.Īlso Read: Major DeFi Move: Curve Finance Creator Bolsters Position With $24M Collateral Deposit Into Aave SIGN UP TODAY AND START TRADING FOR AS LITTLE AS 1 TRADE BITCOIN & ETHEREUM FOR FREE Start your crypto portfolio in as little as two minutes. Since the onset of June, Coinbase's liquidity dipped by approximately 16%, and Binance Global saw a decline of roughly 7%. While Binance.US has borne the brunt, Coinbase Global Inc (NASDAQ: COIN) and Binance's global entity (CRYPTO: BNB) have also not remained unscathed. Once you’ve created and funded a Binance.US account, you’re just seconds away from making your first crypto purchase. However, the latest data reveals that the figure has nose-dived to a meager $7 million. As a co-founder of the besieged digital-currency empire, she’s one of the most powerful players in the 1.2 trillion industry. On June 4, a day before the SEC lawsuit was filed, the market depth of Binance.US stood at a robust $34 million. One senior Binance executive has managed to stay out of the global spotlight over the past six years and counting even now as governments everywhere intensify their crypto clampdown: Yi He. Securities and Exchange Commission's (SEC) lawsuit, Binance.US is experiencing a severe liquidity crunch, as market makers and traders have vacated the cryptocurrency exchange at an alarming rate.Ī research report by Kaiko revealed the liquidity on Binance.US gauged through the aggregated market depth for 17 tokens, plunged nearly 80% in just one week.
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