Will the regulatory crackdown on Binance fall through? Analysis of recent market data changes in Binance

Will Binance be affected by regulatory crackdown? Analysis of recent market data changes.

Recently, the US SEC filed a lawsuit against Binance. Jinze, a researcher from Muse Labs, analyzed the recent market data changes of Binance and stated that despite the continuous crackdown on centralized exchanges by CFTC and SEC since 2023, Binance’s share of stock assets (BTC, ETH) in the industry has actually increased.

On Binance, the proportion of BTC balance increased from 24.3% to 26.9%, while it decreased on Coinbase, Kraken, Gemini, and others. The proportion of ETH balance on Binance increased from 23.9% to 27.7%. On June 10, 2023, the mainstream coin balance on centralized exchanges fell below $95 billion, returning to the level of two and a half years ago, but the internal differentiation of exchanges was significant. The proportion of stablecoin balance on Binance decreased from 58.4% to 39.9%, but this was mainly due to the delisting of BUSD (and the migration of USDC to USDT mainly reflected in the increase of Bitfinex balance), and the total proportion is still the largest among CEX.

Despite being sued by both the CFTC and SEC during the same period, Binance’s market share in June increased from the low point of 48.5% in April to 51.5% according to comprehensive trading volume comparison. This shows that Binance is still the most trusted trading platform in the market turmoil, and the aggressive enforcement of crypto regulation by US regulators has instead strengthened Binance’s leadership position in decentralized operations.

Reference: https://twitter.com/JinzeJiang0x0/status/1668253376352604164

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