Despite the withdrawal of Binance.US, Coinbase has surprisingly not managed to seize a larger slice of the American cryptocurrency market. A recent Kaiko report highlights Coinbase’s market share stagnation, hovering around 55% since May. In contrast, rivals like Kraken and LMAX Digital are swiftly claiming the space left open by Binance.US, with Bitstamp also marking an uptick in its U.S. presence amidst growing legal intricacies.
Coinbase, recognized as the top crypto exchange in the U.S. by trading volume, seems immobile in its leading position, according to Kaiko’s data. Kraken, just a little behind, is inching forward, gradually grabbing Coinbase’s market dominance. Coinbase’s 24-hour trading volume is approximately $2.4 billion, significantly lower than Binance’s $9.34 billion in the global spot market.
Conversely, adding to the challenges, the U.S. crypto landscape is navigating through a haze of regulatory uncertainties. The SEC and CFTC are keeping a tight leash, particularly with accusations of securities regulation breaches. The SEC has notably taken action against Binance and its U.S. entity, alongside founder Changpeng Zhao. They are accused of covertly facilitating transactions for U.S. clients against their policies. Coinbase has also felt the regulator’s weight, with allegations of operating without proper registrations.