Soon after the SEC action, customers of Binance.US became unable to deposit or withdraw dollars, a consequence of multiple banking partners cutting ties with the platform.method for Binance.US’s users to convert dollars into crypto.
Binance.US’s share of the global market has shrunk to about 0.6% from around 2.39% in April, according to Jacob Joseph, an analyst at researcher CCData. Monthly trading volume has fallen below early 2020 levels, he said. “The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange,” a spokesperson said in a statement.
“The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that.”